Ethereum Post Merge Behavior

    Introduction

    • In this Dashboard, You will read about Ethereum Merge. I went through the Ethereum chain and analyzed the user’s behaviour after the Merge. I compared the below parameters before and after Mege:
    • ETH prices
    • Swaps on Ethereum
    • Swaps from and to ETH token per DEXs
    • Users and Transactions
    • Ethereum Gas

    The Merge represents the Ethereum network's shift to proof-of-stake (PoS), its new system. The Ethereum Completely switched to Proof-of-stake on September 15.

    Analyzed by Hess - Reading Time Almost 10 Min

    Swaps on Ethereum

    • The total daily number of swappers and swaps increased after the merge but not too many. I can say both parameters were as normal as before the merge.
    • On merge day, The total swap volume increased by 1B US dollars from the day before the merge but after the merge day, dropped significantly.
    • The average number of swaps increased a little after the merge.
    • The average swap volume decreased after the Merge But the average number of swaps increased.
    • I think the only parameter that changed after the merge was volume.
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    Swap from and to ETH token per DEXs

    • The total number of swaps from and to ETH increased after the merge.
    • Before the merge, the total daily number of swaps was 17-20K but after the merge reached 24K. Also, The total swaps to ETH increased 4K to 4.6K.
    • Overall, The total number of swappers didn’t change too much.
    • Dislike the swap transactions, The volume from and to ETH dropped. On Merge day increased but a day after the merge decreased.
    • Following the volume, The average swap volume decreased too.
    • The ETH net volume was more positive after the merge in comparison to the before merge.
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    New Users and Transactions

    > # After the Ethereum Merge, Users still use the Ethereum chain like the before merge. The new users and the total number of transactions after the merge were the same as before the merge.

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    Ethereum Gas

    • It is interesting that the Ethereum transaction fee decreased after the merge. The average gas gee was 0.0015 before the merge but after the merge decreased to 0.0012. Also, The total gas used after the merge increased.
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    Conclusion

    • I Analyzed Five key parameters of the Ethereum chain and ETH token. I can conclude Almost all parameters didn’t change too much and Users are using Ethereum Like before the merge and their behaviour didn’t change. Because of the Bear market, the ETH price dropped. Due to that, The swap volume in all DEXs dropped 15-20%. The other parameters like transactions, Users and … were like before the merge.
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    ETH Prices

    • The average price of ETH dropped about 20% after merge. We are in a bear market and other popular tokens like BTC, SOL, MATIC and … dropped too but Ethereum Price dropped significantly. A day before the Ethereum merge, The price of ETH was 1580 US dollars but decreased to 1300 US dollars lastly.
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    A SUMMARY OF THE MOST IMPORTANT FINDINGS

    ETH prices

    • After Ethereum Merge, The price of ETH dropped about 20%. However, We are in a Bear market and all token prices dropped But Ethereum prices dropped more than the other popular tokens.

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    Swaps On Ethereum

    • The total number of swappers didn’t change but swap transactions increased. On Merge day, The swap volume increased significantly but after that dropped to lower than before merge.
    • The average swap volume dropped after merge for 3-4 days but again back to normal.
    • The average swap volume before the merge was higher than the after merge.

    ETH Swap

    • The total Number of swappers from and to ETH increased after the merge.
    • However, The total number of transactions was different. From ETH didn’t change but to ETH increased!
    • The swap volume from and to ETH dropped hugely after the Merge.
    • Following the swap volume, The average swap volume from and to ETH decreased too.
    • The ETH net volume after the merge was higher than the before merge.

    Gas Fee

    • The average gas fee decreased a little after the Merge. The average gas fee before the merge was 0.0015 but after the merge decreased to 0.0010.
    • The total gas used increased after the merge. The average gas price decreased from 18 to 14.

    Full Analysis

    > # THANK YOU FOR READING!

    ALL CODES AND CONTENTs WERE WRITTEN BY HESS.

    :writing_hand: Twitter: @hessaminanloo

    :exclamation: Discord: hess#0890

    :calendar: Analyze Date: 2022/SEP/25