Overview

On 15th September 2022, the Ethereum blockchain successfully switched from proof-of-work (PoW) to proof-of-stake (PoS) consensus. This resulted in a shift from Ethereum mining to Ethereum staking which put the Ethereum token at the center of attention.

How the Ethereum users responded to this major shift? This dashboard focuses on three main behaviour of users:

1. executing transactions,
2. transferring ETH token within the chain,
3. bridging ETH token from and to the other layer 2 solutions,
4. transferring ETH token from the chain to CEXes and from CEXes to the chain .

Transactions

Graphs below show how the behaviour of users with regards to transactions has been changed since the merge.

The behaviour of users has been examined in the following aspects":

1. number of transactions
2. average ETH value of transactions
3. total ETH value of transactions

ETH Flow from and to CEXes

Interestingly, two days before the merge users started to transfer ETH out of the chain to CEXes and this reach to the highest level on the day of Merge.

ETH transfer

Graphs below show that how users behaviour in terms of ETH transfer has changed since the merge.

We can see that two-three days after the merge experienced the higher amount of ETH transferred. However, the week after we can see the same amount of ETH transfer as it was before the merge.

ETH Bridged from and to the Ethereum chain

Graphs below show how users behaviour with regards to ETH bridge has been changed since the merge.

We can see that the amount of bridge both to and from the ETH Ethereum has increased since the merge. Also the data shows that users more bridge to L2 after the merge rather bridge ETH from L2.

Pre- post- Merge behaviour

In this section, the behaviour of users in 10 days before and after the merge has been compared.

We can see that while the average number of transactions made per wallet slightly has decreased, the average ETH value of transactions has significantly increased since the merge.

Descriptives

Graphs below shows how the daily number of active unique wallets has been changed over time.

Active wallets is defined as wallets who made transactions.

We can see that the daily number of unique wallets have been involved in transactions since the merge has not been changed noticeably. However, ETH value and number of transactions in the first three days were increased.

To change the timeframe please use the slider above the dashboard. There are for options available that refer to past days.

Concluding remarks

• While the average number of transactions made per wallet slightly has decreased, the average ETH value of transactions has significantly increased since the merge.
• Users transferred the higher amount of ETH within the chain in three days after the merge in comparison with the normal days before the merge.
• The Merge day and two days before experienced outflow of ETH to CEXes from the chain.
• Users has increased bridging ETH since the Merge.
• Bridging action done by users is more towards transferring ETH to Layer 2.