Ethereum: Post-Merge Network Performance & User behaviour Analysis
This dashboard compares Pre-Merge and Post-Merge on-chain data to analyse the User behaviour and network performance of Ethereum blockchain. Refresh Rate: Daily
Methodology
In this dashboard we have two key periods of consideration for on-chain data:
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Pre-Merge: The whole of Ethereum Mainnet data from its inception up until the block 15537393 when the Beacon chain merged with the mainnet on September 15th, 2022.
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Post-Merge: All the data since block 15537393 was executed.
> Over these two periods we will analyse the User behaviour and Network performance of the blockchain using the below Indicators
Key Metrics for comparison used and their definitions:
- Transaction Count: Number of transactions
- Active Users/Wallets: Number of unique wallets that have signed a transactions
- New Users/Wallets: Number of wallets that had their first activity recorded on the blockchain
- Contracts Deployed: Number of unique contracts deployed on the mainnet
- ETH Staking - Unique Depositors of Ether: Number of Unique Depositors of ETH to the staking contract
- ETH Staking - Total Staked Ether: Amount of ETH staked to the staking contract.
- Miner/Validator Activity: Number of unique addresses mining/validating the blocks. Pre-Merge had miners verifying the blocks, Post-Merge, the validators confirm the transactions/blocks.
- Transaction Success Rate: The Percentage of transactions that were successfully executed over the total transactions transmitted
- Transactions Per Second(TPS): Number of transactions per second. This is a measurement of the network speed & performance
Note: For better comparison, the daily averages in the dashboard have been considered after the last major upgrade i.e., London Hard Fork or EIP-1559.
*First up we will query some raw data for transaction count, unique addresses, TPS and transaction success rates for everyday. We will plot the same data onto the charts below.*π
Below are daily transactions on the Ethereum mainnet since itβs inception segregated for pre and post merge data π
Average number of transactions in a dayπ
Below are all the (daily) active wallets/users over time on Ethereum segregated with pre and post merge periods π
Average Daily Active Users (DAU)π
Daily New Users π
Daily Average New Users π
(Weekly) Unique ETH depositers to the staking contract since the beginning of Beacon chain π
(Weekly) ETH deposited to the smart contract - 0x00000000219ab540356cBB839Cbe05303d7705Fa.
Minimum ETH to run an ETH validator node is 32ETH.
Below Shows the number of wallets confirming the blocksπ
In Pre-Merge period they are referred to as Miners and in Post-Merge period they are referred to as Validators
Below are some Network Performance Metrics π
How much ETH has been staked in total? ETH staking was live when Beacon chain was commissioned. So below weβll see total ETH staked (Weekly) over time since then.
Inferences:
- Daily Average Transaction: Count for both periods are roughly the same with Post merge activity being slightly higher.
- Active Users/Wallets: Not much difference in the average values with post merge period seeing about 6k more daily active users.
- New Users/Wallets: The daily average for new wallets created post-merge period is more than 2.5 times that of the pre-merge period
- Contracts Deployed: Daily Average for new contracts deployed are higher for Pre-Merge period as the post-merge period is still just weeks old.
- ETH Staking - Unique Depositors of Ether: Total - 90.6k wallets and Post-Merge - 3886 Wallets (As of September 26th)
- ETH Staking - Total Staked Ether**:** 14.04M and Post Merge - 268.8k (As of September 26th)
- ETH Staking - βLIDO Financeβ leads the race for most amount of ETH staked with a 30.5% share of total ETH staked since the Merge.
- ETH Staking - Top 2 validators LIDO Finance and Kraken have staked almost 40% of total ETH staked after Merge.
- Miner/Validator Activity: Number of validators have increased to ~7k compared to ~6k pre-merge miners.
- Transaction Success Rate: Pre-Merge Transaction Success Rates are slightly higher.
- Transactions Per Second(TPS): Very limited data to judge TPS for Post-Merge, however we notice that TPS increases with the transaction counts.
> Conclusion: The much awaited Ethereum Merge was successfully executed on block 15537393 but the Post-Merge period is still only a few thousand blocks old and We canβt draw much conclusions as yet. One clearly noticeable trend so far was that multiple new wallets were created in the post Merge period pushing the daily average almost 2.5x higher than that of pre merge period. These stats will refresh daily to reflect on the charts. We will continuously analyse these and publish updated reports every 2 weeks.