Try Quests to earn cryptoETH Flash Bounty: What’s Next?
Merge Introduction
After years of anticipation, The Merge has arrived. Early 15th September morning, Ethereum’s landmark transition to proof of stake went off without a hitch. With tens of billions of dollars of digital assets on the line and zero margin for error, the Ethereum merge consumed the focus and energy of the network’s elite cadre of core developers for almost half a decade which proponents say could boost crypto prices in the long run and significantly change the future of cryptocurrency. The Merge is an upgrade to the Ethereum blockchain, which powers innovations in the crypto ecosystem like non-fungible tokens (NFTs). There's been a boom in crypto investing in recent years, with the value of the overall market more than doubling at one point last year as people piled their money into bitcoin, ether, dogecoin and other cryptocurrencies. Whether you are super into crypto and following every latest development in the space or you own a bit of crypto via a platform like Coinbase or Venmo, if you've heard about the so-called Merge you may be wondering what it actually means for you.
The upgrade transitioned Ethereum from Proof of Work (PoW) to the Proof of Stake (PoS) 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. Proponents say that the transition allows the Ethereum network to reduce its energy consumption by around 99%.
Within the next month, the network’s core developers will have to collectively determine which features they plan to include in Ethereum’s next upgrade, Shanghai. Opinions within the group are torn. And once again, the decision will have multi-billion dollar implications.
"This is the first step in Ethereum's big journey towards being a very mature system, but there are still steps left to go," said Vitalik Buterin, Ethereum's co-creator, as he reflected on the Merge live stream. He went on to mention Ethereum's relatively high fees and slow speeds, which were not addressed by the update, but remain as much a barrier to growing the network's user base as environmental concerns ever were. Buterin, Ethereum's most visible figurehead, previously outlined a set of next steps for the network that includes “sharding” – a method that should help address the network’s sluggish transaction times and high fees by spreading transactions across “shards,” like adding lanes to a highway.
Methodology
in this dashboard we will analysis Ethereum, Before and after merge
i use ==Flipside== data for Analysis this dashboard
subject in this dashboard:
- Analysis Transactions,Swaps
- Analysis NFTs slaes and mints before and after merge
- Analysis total ETH staked before and after merge
- Analysis Average Gas price before and after merge
- Analysis Total ETH bridged to L2
Also on the above charts, we can see the increasing activity of NFT mints and also minters after the Merge upgrade this is actually a good impact of this upgrade on the Ethereum network since there will be more and more minted NFTs in this ecosystem that will result in impressive growth on NFTs on Ethereum.
Based on the above charts, Although we can see some high spikes during weeks and days before the Merge upgrade, the average daily ETH stake activity is increasing significantly after the Merge upgrade and that’s what we talked about on the above
Gas
in this case we analysis
gas price and gas used before and after merge
also analysis transactions Fees before and after merge
Based on the above data
transactions fees and gas price almost nothing has changed
After merge A lot of ethereum bridged to other L2
almost after merge amount of eth bridged to L2 95% increased
The transition to Proof-of-Stake enhances Ethereum’s network security
- Miners essentially go out of business as a result of the switch to PoS.
- Therefore, validators have taken the position of miners and users who want to become Ethereum validators must contribute 32 ETH.
- Anyone who has an ETH balance and an internet connection is able to stake from home and validate a section of the network.
- With this change in approach, ETH becomes a more safe collateral platform for both private and institutional users.
- As a result, we can see there has been a significantly in ETH stakers since the day of the merge.
- Furthermore, the amount of ETH staked after the merge has remained above 15k ETH for most of the days.
As we see, The Number of Successful Transactions (and also TPS: Transactions Per Second) on the Ethereum network is increasing after the Merge update.
Moreover, The Number of Active Users on this blockchain is experiencing a raise after the Merge upgrade.
Although the Merge upgrade does not have an impressive impact on the transactions fee on the Ethereum network by itself (the transactions fee will be decreased dramatically after future upgrades), we can still see the slight reduction of Transactions Fee after the Merge upgrade and this is actually good news because high transactions fee is one of the main problems of Ethereum network. This will get even better after future Ethereum updates.
