📝 Introduction

Aave

Aave is a decentralized protocol in financial markets that enables users to lend their desired cryptocurrencies in a reliable way, while receiving fixed and variable interest rates. Simply put, Aave is an open-source, decentralized protocol that allows users to profit from depositing their assets as well as borrowing from others' assets without going through a centralized cryptocurrency intermediary.

The Aave protocol uses a decentralized autonomous organization, or DAO. This means that it is governed and controlled by the people who own and vote AAVE tokens.[1]

Uniswap

Uniswap is an automated liquidity protocol powered by a constant product formula and implemented in a system of non-upgradeable smart contracts on the Ethereum blockchain. It obviates the need for trusted intermediaries, prioritizing decentralization, censorship resistance, and security. [2]

==DAO Maker==

DAO Maker is a platform for retail ventures to invest in startups and projects at an early stage. In other words, DAO Maker is a launchpad that acts as an intermediary between the retail investors and the protocols during the fundraising process. DAO Maker solves the risk of participating in token sales nowadays. [3]

1️⃣ Aave Protocol

👀 Observation

• From September 6 onwards, it is clearly visible that the volume of ETH withdrawals from the Aave protocol has increased. So that on September 14th, one day before the Merge event, the amount of ETH withdrawn from Aave reached about 26M USD. However, after the Merge event, the deposit and withdrawal situation had a significant drop.
• Examining other charts shows that on September 15th, the highest number of users withdrew their ETH from the Aave platform. On this day, 23 unique addresses withdrew their assets from Aave for a total of 43 times.
• Interestingly, from September 7th to September 17th, no user borrowed from the Aave platform, while 12k ETH was repaid on September 15th. (the maximum repayment amount in September)

2️⃣ Uniswapv3

👀 Observation

A review of the Uniswap platform shows that since a week before the Merge event, the amount of ETH deposits and withdrawals on this platform has gradually increased, while on September 15, users had the lowest amount of ETH deposits and withdrawals on this platform. Of course, checking the number of depositors and withdrawers in the days close to the merger not only did not decrease, but also increased to some extent.

💡 Conclusion

In this dashboard, the activity of users in 3 protocols like Uniswap, Aave and Dao Maker was analyzed.

The results show that users of different platforms have shown different behaviors. Lenders on the Aave platform withdrew most of their ETH from the platform as the Merge date approached. Users of Aave platform had no desire to borrow ETH in the days leading up to the Merge event. On the other hand, a large amount of ETH was repaid on Merge Day. Uniswap users had the least reaction to this event, only on September 15, the amount of deposits to Uniswap pools decreased. ETH withdrawals from these pools also decreased. Meanwhile, the number of users who interacted with Uniswap increased in the days close to September 15. On the Dao Maker platform, ETH deposits increased significantly on September 15th, but ETH withdrawals from this platform increased sharply in the days leading up to the Merge event.

Analyst: Emanoel

***Twitter: ***

Discord: Eman#9698

Special thanks to the Flipsidecrypto 🧡

3️⃣ Dao Maker

• A review of the Dao Maker platform shows that a large amount of ETH was deposited on the platform on September 15th. In fact, on September 14th, 8 users have deposited a total of 16 times around 116 ETH on this platform, while on September 15th, 42 unique users have deposited 60 times a volume of around 20K Ethereum on this platform.
• A look at the number of users who withdrew their ETH also shows that there was a gradual increase in the number of withdrawers from September 8th to September 15th, with the number of users increasing from 10 users on September 8th to 36 users on September 15th. On the other hand, as we got closer to the Merge day, the amount of ETH withdrawn from Dao Maker also increased.

📃 Purposes of dashboard

This dashboard evaluates the impact of "Merge" event on on the volume of Ethereum removed from platforms such as Aave, Uniswap, and Dao Maker. In fact, the amount of ETH that was deposited to these platforms or withdrawn from them in the time frame close to this event is analyzed.

Considering that the Merge event was successfully completed on September 15th and the consensus mechanism of the Ethereum blockchain changed from PoW to PoS, therefore, in examining the amount of ETH exchanges on the considered platforms, the time period close to this event is analyzed.

✍🏻 Methodology

In this dashboard, the following tables are used to extract data:

• ethereum.core.ez_token_transfers→ Using this table and also using the contract related to Aave: Lending Pool V2 ie: '0x7d2768de32b0b80b7a3454c06bdac94a69ddc7a9', the information related to Deposit/Withdraw/Borrow/Repay has been extracted. For this purpose, the following ORIGIN_FUNCTION_SIGNATURES have been used:
  • '0x69328dec' → Withdraw
  • '0xe8eda9df' → Deposit
  • '0xa415bcad' → Borrow
  • '0x573ade81' → Repay
    • In this section, the dashboard codes 'link' are used with some changes.
• ethereum.uniswapv3.ez_lp_actions → This table is used to extract information about Deposit/Withdraw for the Uniswap platform.
• ethereum.maker.ez_deposits → This dashboard is used to extract information about ETH deposit to the Dao Maker platform.
• ethereum.maker.ez_withdrawals → This dashboard is used to extract information about ETH withdrawal from the Dao Maker platform.