ETH Removed
Introduction
- In this analysis, You will read about ETH withdrawal from three major platforms. I analyzed AAVE, Uniswap and Maker. The Ethereum merge happened on September 15 2022.
- I went through these platforms to understand to find any trends Before, During and after the Merge.
- To understand better, I analyzed each platform separately and highlighted the important dates on the charts.
What is The Ethereum Merge?
The Merge is an upgrade to the Ethereum blockchain, which powers innovations in the crypto ecosystem like non-fungible tokens (NFTs).
Analyzed By Hess - Reading Time Almost 10 Min.
AAVE platform
- The total number of withdrawals on AAVE was below 100 transactions but After September 4, The total number of withdrawals increased day by day. On Merge day, the total number of withdrawal transactions reached 420.
- Also, On that day, The highest amount of ETH was removed from AAVE. Almost 248K ETH.
- 12 Hours before the Merge, The total number of removal activities dropped suddenly but again after Merge, The removal activities increased. ( Hourly Chart ).
- On AAVE, 320 Unique Users in 4650 transactions removed around 2.2M ETH. The average amount of withdrawal was 476 ETH.
- The max amount of withdrawal was 78.5K ETH.
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Uniswap Platform
- On Uniswap, The removal activities didn’t change too much before the Merge. However, The total number of withdrawal transactions increased by 20%.
- The withdrawn amount of ETH during August was higher than in September.
- The total amount of ETH withdrawal 5 days before the merge was 300-350K daily.
- Overall, 6160 unique Users in 23.8K transactions removed 11M ETH.
- The average amount of withdrawal was 456 ETH and the max amount of withdrawal was 25.8K.
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MakerDao Platform
- Like AAVE, On Maker, Almost 5 days before the merge, The total removal activities increased. From 15 withdrawal transactions, reached 54 transactions.
- The amount of withdrawal increased significantly. Before the merge was 1K daily but near the Merge it reached 12K.
- Overall, 338 Unique Users in 651 transactions removed 113K ETH.
- The average removal eth amount was 174 ETH.
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Method
I chose three popular platforms to analyze ETH removal. AAVE, Uniswap and Maker. We have Deposit and withdraw tables for each of these platforms on Flipside.
- ethereum.aave.ez_withdraws for AAVE
- ethereum.uniswapv3.ez_lp_actions for Uniswap. I examined “from and to” the WETH symbol.
- ethereum.maker.ez_withdrawals for Maker.
I filtered the symbol on all these platforms to WETH.
NOTE: I Only Calculated WETH Removal Activities. I didn’t include ETH DEPOSIT.
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A Summary of Most Important Findings
- The ETH remove share on Uniswap was higher than the other two platforms.
- From September 10, Almost 5 days before the merge, The total Number of Users, Transactions and amount of withdrawn ETH increased significantly on AAVE.
- All parameters on AAVE increased by nearly 300% on AAVE.
- On Uniswap, The remove Didn’t change too much. It Was high all day in the last 30 days. But Maker experienced something like AAVE.
- The trend of ETH removal on Maker Started 5 days before the Merge.
Full Analysis:
Conclusion
- Before the Merge, There were too many rumours that you should remove your Ethereum and keep it in your wallets. Platforms explained multiple times that as normal users, Your funds are safe and you don’t need to keep them in your wallets. But Users actually don’t have trust anymore, especially after LUNA and UST. They prefer to don’t listen to anyone and do what they think is better. So the result shows the total withdrawal amount of ETH was huge. However, It seems they weren’t Normal users. Based on the amount, It seems they were WHALES.
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THANK YOU FOR READING!
ALL CODES AND CONTENTS WERE WRITTEN BY HESS.
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Twitter: @hessaminanloo - Discord: hess#0890
ANALYZE DATE: 2022/SEP/18