Introduction

• As seen in the chart on the right, interest about the Ethereum merge has rocketed since ==Aug 11, 2022== (the first time interest surpassed 10), source from Google Trend (link).
• The merge has created uncertainties about ETH especially ETH price. This might affect ETH depositors behavior on major Defi protocols.
• In this dashboard, let’s examine user behavior around withdrawing ETH from 3 major protocols: Uniswap (V3), Aave, and Compound in recent weeks leading up to the merge (Sep 15, 2022).

Note

• Analysis time: ==Aug 11 - Sep 14, 2022==.

Overview

Definitions

• Big days: days which stand out on a chart. In this section, big days have total ETH withdraw > 0.56M each.
• Normal days: not big days

Highlights

• 5768 addresses withdrew 17.4M ETH in 21.3K transactions from Aug 11 to Sep 14, 2022.
• There were more big days of ETH withdrawal in Aug than in Sep.
• ==Majority of ETH withdrawn happened on Uniswap. And the general trend was the closer to the merge, the smaller ETH withdrawn.==

Definitions

• Big days: days which stand out on a chart. In this section, big days have total ETH withdraw > 550K each.
• Normal days: not big days

Highlights

• ==On Uniswap, the general trend was the closer to the merge, the smaller ETH withdrawn.==
• 6/34 days are big days, which account for 31% in total ETH withdrawn, all of them are in Aug 2022.
• The big days also have the largest average ETH withdrawn per address. ==In other word, large addresses with >= 2000 ETH to withdraw didn’t wait until right before the merge.==
• ==Contradict to the large addresses above, smaller addresses with < 2000 ETH to withdraw seems to wait as close to the merge as possible before withdraw their ETH as number of withdraw address almost doubled in 3 days right before the merge while average withdraw amount per address decreased 50%.==
• While min, median, average of ETH withdraw per transaction didn’t change much, max of ETH withdraw per transaction decreased while approaching the merge.

Structure

• Overview
• Uniswap
• Aave
• Compound
• Key highlights
• Conclusion

Definitions

• Big days: days which stand out on a chart. In this section, big days have total ETH withdraw > 150K each.
• Normal days: not big days

Highlights

• ==On Aave, the general trend was the closer to the merge, the smaller ETH withdrawn, except for the last 2 days (Sep 13, 14) right before the merge.==
• 4/34 days are big days, which account for 30% in total ETH withdrawn. Unlike Uniswap, 3/4 big days of Aeve are in Sep 2022.
• ==The last 2 days before the merge saw both number of withdraw address and ETH withdraw per address surged 60% and 100% respectively. Aug 14 is also the largest day in term of total ETH withdraw.==
• Again, while min, median, average of ETH withdraw per transaction didn’t change much, max of ETH withdraw per transaction decreased while approaching the merge.

Definitions

• Big days: days which stand out on a chart. In this section, big days have total ETH withdraw > 25K each.
• Normal days: not big days

Highlights

• ==Unlike 2 protocols above, on Compound, the general trend was the closer to the merge, the larger ETH withdrawn.==
• 3/34 days are big days, which account for 48% in total ETH withdrawn.
• ==Large addresses with > 1500 ETH to withdraw seem to be more willing to withdraw large amount closer to the merge than large addresses on Uniswap and Aave. In general, the closer to the merge, the more ETH withdraw. ETH withdraw on the largest day, Sep 7, is more than 2 times on the 2nd largest day, Aug 28.==
• Similarly, while min, median, average of ETH withdraw per transaction didn’t change much, max of ETH withdraw per transaction increased while approaching the merge.

Key highlights

• Majority of ETH withdrawn happened on Uniswap. And the general trend was the closer to the merge, the smaller ETH withdrawn.
• On Uniswap, the general trend was the closer to the merge, the smaller ETH withdrawn. Large addresses with >= 2000 ETH to withdraw didn’t wait until right before the merge. Contradict to the large addresses above, smaller addresses with < 2000 ETH to withdraw seems to wait as close to the merge as possible before withdraw their ETH as number of withdraw address almost doubled in 3 days right before the merge while average withdraw amount per address decreased 50%.
• Similar to Uniswap, on Aave, the general trend was the closer to the merge, the smaller ETH withdrawn, except for the last 2 days (Sep 13, 14) right before the merge. The last 2 days before the merge saw both number of withdraw address and ETH withdraw per address surged 60% and 100% respectively. Aug 14 is also the largest day in term of total ETH withdraw.
• Unlike 2 protocols above, on Compound, the general trend was the closer to the merge, the larger ETH withdrawn. Large addresses with > 1500 ETH to withdraw seem to be more willing to withdraw large amount closer to the merge than large addresses on Uniswap and Aave. ETH withdraw on the largest day, Sep 7, is more than 2 times on the 2nd largest day, Aug 28.

Conclusion

On 3 protocols Uniswap, Aave, and Compound, the general trend of 97% ETH withdraw (Uniswap + Aave) was the closer to the merge, the more address withdraw ETH, the smaller ETH withdrawn.

Thanks for reading!

Uniswap

Aave

Compound