Open Analytics Bounty: ETH (September 25)
Open analytics bounties are all about deep dive dashboards into one specific topic.
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What was The Merge?
This Ethereum upgrade or "Merge," as it's being referred to, changed how new crypto transactions take place on the blockchain.
Previously, the Ethereum blockchain, like the Bitcoin blockchain, ran on a proof-of-work model, which involves nodes — computers that are part of a large network — competing with one another to solve complicated math problems. The successful ones are then able to mine the next block of a transaction and create new coins.
The upgrade transitioned Ethereum to the proof-of-stake model, which is a more energy-efficient and environmentally-friendly system. It entails nodes being selected via an algorithm that has a preference for nodes that hold more of a network's currency.
In other words, their "stake" in the network is rewarded over the computer power that's rewarded in the proof-of-work system.
MakerDAO is an organization developing technology for borrowing, savings, and a stable cryptocurrency on the Ethereum blockchain. It has created a protocol allowing anyone with ETH and a MetaMask wallet to lend themselves money in the form of a stablecoin called DAI. By locking up some ETH in MakerDAO’s smart contracts, users can create a certain amount of DAI–the more ETH locked up, the more DAI can be created. When users are ready to unlock their ETH, which serves as collateral for their DAI loan, they simply pay back the loan along with any fees.
MakerDAO has created a core layer of the decentralized financial system on Ethereum–what the kids these days are calling “DeFi”.
One of a number of emerging DeFi cryptocurrencies, Aave is a decentralized lending system that allows users to lend, borrow and earn interest on crypto assets, all without middlemen.
Running on the Ethereum blockchain, Aave instead is a system of smart contracts that enables these assets to be managed by a distributed network of computers running its software.
This means Aave users do not need to trust a particular institution or person to manage their funds. They need only trust that its code will execute as written.
Uniswap is a software running on Ethereum that seeks to incentivize a global network of users to maintain an exchange where cryptocurrencies can be bought and sold by traders.
One of an emerging number of decentralized finance (DeFi) protocols, Uniswap leverages multiple crypto assets, including its native UNI cryptocurrency, to provide a service similar to a traditional exchange. The difference is Uniswap has no one central operator or administrator.
Why did the Ethereum Merge happen?
Proponents say that the transition allows the Ethereum network to reduce its energy consumption by around 99%.
The proof-of-work model, which is what the Bitcoin network uses, requires far more energy than the proof-of-stake model. The negative impact on the environment of crypto transactions has been top of mind for many cryptocurrency critics and advocates alike, and Ethereum's shift to the less-energy-intensive proof-of-stake is viewed as a significant advance.
It will also set the groundwork for other aspect's of the network's roadmap, like making transactions more efficient.
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Daily Depositors and Withdrawers
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Daily Deposit and Withdraw amount and Cumulative
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NET ETH Amount Changes
analyzed all the metrics above for 3 protocols:
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MakerDAO
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Aave
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Uniswap
Method
For solving these questions i compared 3 protocols deposits and withdraws stats in ==past 3 months== and looked at what did users do before and after ethereum merge and examined their behavior with their ETH.
I analyzed MakerDAO, Aave and Uniswap. For gathering the data that i wanted i used Flipside data.
- For ==MakerDAO== data i used ==Ethereum.maker== database and from that i used 3 tables to do my magic:
==“ethereum.maker.ez_deposits”== and ==“ethereum.maker.ez_withdrawals”== and ==‘ethereum.core.fact_hourly_token_prices”==
- For ==Aave== data i used ==Ethereum.aave== database and used these 3 tables:
==“ethereum.aave.ez_deposits”== , “==ethereum.core.fact_hourly_token_prices”== , “==ethereum.aave.ez_withdraws”==
- For ==Uniswap== data i used ==uniswapv3== database from ethereum and used this specific table to grab the needed data : ==“ethereum.uniswapv3.ez_lp_actions”==
Observations
- MakerDAO recorded its highest number of depositors in past 3 months on Sep 15th 2022(After Merge)
- Recently in September users are mostly withdrawing but after merge they did deposits more than withdraws
- On September 15th 2022, MakerDAO had the highest depositors and withdrawers and also highest number of deposit and withdraw transactions
- In past 3 months in overall number of deposits and withdrawals are almost the same
- On July 8th, MakerDAO recorded its highest ETH deposit and withdraw amount(10.8M)
- Deposit amount recorded more dips than withdraw amount and lowest deposit dip was on Aug 24th in past 3 months(1154)
- Withdraw amount recorded more highs than deposit amount and the highest withdraw high was on July 8th in past 3 months(5.44M)
- On 2 weeks before the merge, withdrawed ETH amount was more than deposited ETH amount and it seems like users thought ETH price would drop after merge and they were withdrawing their ETH
- Recently in September number of depositors and withdrawers and number of transactions increased and its peak was on Sep 15th 2022
- Sep 15th had 519 number of total depositors and withdrawers
- Users mostly depositing in Aave than withdrawing in past 3 months
- Depositors formed above 85% of users on Aave and thats why number of deposits are more than number of withdrawals
- Like MakerDAO, Daily Deposit and withdraw amount on Aave are almost the same on everyday
- Deposit amount suddenly peaked after the merge
- Withdrawed ETH amount was more than deposited ETH amount 2 weeks before the merge
- In past 3 months number of depositors and withdrawers has been bullish
- In past 3 months depositors were always more than withdrawers except 1 day (September 14th)
- On Aug 13th and 14th, Uniswap had the highest number of depositors and withdrawers and number of deposit and withdraw transactions
- August was a busy and profitable month for Uniswap
- After Aug 21th, deposited and withdrawed eth amount dropped badly
- After merge, deposited and withdrawed eth amount dropped almost 60%
- before merge deposited eth amount was more than withdrawed eth amount, 2 weeks before merge this case was reversed and after merge deposited amount increased and it was more than withdrawed amount again
Conclusion
- Uniswap has more depositors and withdrawers than MakerDAO and Aave
- MakerDAO has more deposited and withdrawed ETH Amount than Uniswap and Aave
- Users mostly depositing than withdrawing after merge
- Users thought the eth price will drop after merge so they were withdrawing their assets but actually it didnt go that way so they deposited again after merge