Try Quests to earn cryptoMerge Selling Event
Introduction
What is Ethereum?
Ethereum is a decentralized, open-source blockchain with smart contract functionality. Ether is the native cryptocurrency of the platform. Among cryptocurrencies, ether is second only to bitcoin in market capitalization. Ethereum was conceived in 2013 by programmer Vitalik Buterin.
What is proof of stake?
Proof-of-stake protocols are a class of consensus mechanisms for blockchains that work by selecting validators in proportion to their quantity of holdings in the associated cryptocurrency. This is done to avoid the computational cost of proof-of-work schemes.
What is the merge?
The Merge refers to the original Ethereum Mainnet merging with a separate proof-of-stake blockchain called the Beacon Chain, now existing as one chain. The Merge reduced Ethereum's energy consumption by ~99.95%.
Methodology
In this dashboard we will look at the ETH swap activity and the miner token flows since August 2022. We are looking to see where the Etherum selling comes from after the merge and if the miners caused it. The data for this dashboard comes from the ethereum.core.ez_eth_transfers and ethereum.core.fact_blocks tables of Flipsides database.
ETH miner flows
Observations
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Since the Merge there has been a large drop off the the value in ETH being sold by miners
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When the Ethereum move from proof of work to proof of stake the ethereum miners net ETH outflow went from $20 Million a day to about $2 million
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Since the start of the merge there is a large number of ETH inflow events to miners
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ETH Miner DEX activity
Observations
- In total since the August 1st 2022 Etherum Miners have swapped 36.3 Million ETH to other tokens using DEXs on Ethereum
- Only 28 miners swapped out of their Ethereum using DEXs
- Only a very small amount of Ethereum miner outflow went to being swapped on DEXs, this could be due to most miners selling their tokens on CEXs
Ethereum Price and DEX swaps
Conclusion
- ETH miner flows
- Since the Merge there has been a large drop off the the value in ETH being sold by miners
- When the Ethereum move from proof of work to proof of stake the ethereum miners net ETH outflow went from $20 Million a day to about $2 million
- Since the start of the merge there is a large number of ETH inflow events to miners
- ETH Miner DEX activity
- In total since the August 1st 2022 Etherum Miners have swapped 36.3 Million ETH to other tokens using DEXs on Ethereum
- Only 28 miners swapped out of their Ethereum using DEXs
- Only a very small amount of Ethereum miner outflow went to being swapped on DEXs, this could be due to most miners selling their tokens on CEXs