The Merge was the joining of the original execution layer of Ethereum (the Mainnet that has existed since genesis) with its new proof-of-stake consensus layer, the Beacon Chain. It eliminated the need for energy-intensive mining and instead enabled the the network to be secured using staked ETH. It was a truly exciting step in realizing the Ethereum vision—more scalability, security, and sustainability.

Proof-of-work secured Ethereum Mainnet from genesis until The Merge. This allowed the Ethereum blockchain we're all used to to come into existence in July 2015 with all its familiar features—transactions, smart contracts, accounts, etc.

Throughout Ethereum's history, developers prepared for an eventual transition away from proof-of-work to proof-of-stake. On December 1, 2020, the Beacon Chain was created as a separate blockchain to Mainnet, running in parallel.

The Merge was executed on September 15, 2022. This completed Ethereum's transition to proof-of-stake consensus, officially deprecating proof-of-work and reducing energy consumption by ~99.95%.()

In this bounty we were asked to examine user behavior in recent weeks leading up to the merge on at least 3 major protocols.

For this purpose, I selected Aave, Maker and Compound and checked the volume of withdrawn and deposited ETH to these protocols in last 90 days. I also compared the number of withdrawers and suppliers in these three platforms in last 90 days.

In the above charts, you can see:

• Daily volume of withdrawn ETH in last 90 days
• Total volume of withdrawn ETH in last 90 days
• Daily number of withdrawers in last 90 days
• Total number of withdrawers in last 90 days

for Aave, Maker and Compound protocols.

Aave had the highest total volume of withdrawn ETH in comparison with the other two protocols. In all the days(except 2 days) it had the highest volume of withdraw ETH, too.

This volume was very volatile during this time, but for Aave, it grew in an overall view from August first and reached to its highest volume in last 2 months on the date of merge. But after that date, this volume decreased sharply.

For Compound, this HH was on Sep 7th, a week before the Merge, and for Maker, although this volume was very low, but it increased on the date of the merge and then decreased again.

In the other chart, you can see the daily number of depositors on the 3 platforms. Although total withdraw volume of ETH on Aave was about 6 times more than the volume on Compound and Maker, but number of withdrawers did not have a similar share.

On Aave, number of withdrawers grew during time and reached to its highest number on the date of the Merge. and then it decreased.

On Compound, this number decreased sharply on Sep 1st, and then it grew and reached to its HH on Sep 7th and another grew on the date of Merge, but the same as Aave, it decreased after the Merge.

This chart for Maker reached to its HH on the day before the Merge and then decreased.

In the above charts, you can see:

• Daily volume of deposited(supplied) ETH in last 90 days
• Total volume of deposited(supplied) ETH in last 90 days
• Daily number of depositors(suppliers) in last 90 days
• Total number of depositors(suppliers) in last 90 days

for Aave, Maker and Compound protocols.

Aave had the highest total volume of supplied ETH in comparison with the other two protocols(more than 10 times). In all the days(except 4 days) it had the highest volume of supplied ETH, too.

This volume was very volatile during this time, but for Aave, this volume in Sep was more than Juky and August. The second high volume of supply was on the date of merge. But after that date, this volume decreased sharply.

For Compound, this HH was on Sep 7th, a week before the Merge, and for Maker, although this volume was very low, but it increased on the date of the merge and then decreased again.

In the other chart, you can see the daily number of suppliers on the 3 platforms. Although total supply volume of ETH on Aave was about 10 times more than the volume on Compound and Maker, but number of suppliers on Aave was about 4 times more than total number of suppliers on Compound and Maker in last 90 days.

On Aave, number of suppliers grew during time and reached to its highest number on the date of the Merge. and then it decreased.

On Compound, this number decreased sharply on Sep 2nd, and then it grew and reached to high on the date of Merge, but the same as Aave, it decreased after the Merge.

On Maker, this number decreased sharply on Sep 4th, and then it grew and reached to high on the date of Merge, but the same as Aave and Compound, it decreased after the Merge.

Although total volume of deposited ETH on Maker was more than Compound in last 90 days, but total number of suppliers on Compound was about 3 times more than Maker.

	Deposit volume	withdraw volume
Aave	~5 M	~6.6 M
Compound	~0.4 M	~0.9 M
Maker	~0.6 M	~0.8 M

	count of depositors	count of withdrawers
Aave	~12 K	~3500
Compound	~3 K	~2600
Maker	~1.1 K	~1100

As the conclusion, withdraw volume was higher than supply volume of ETH in Aave, while on Compound and Maker this is reverse and the total volume of withdrawn ETH is bigger than total volume of deposited ETH in last 90 days.

Although volume of withdrawn ETH was bigger than supplied ETH on Aave, but number of suppliers was more than 3 times bigger than number of withdrawers.

Number of depositors and withdrawers for Compound and Maker was close to each other.