What is the Ethereum Merge? Source

The Merge is a technical upgrade that will shift Ethereum’s existing proof-of-work consensus mechanism to a proof-of-stake model. With this move, Ethereum aims to significantly cut its carbon footprint and lay the groundwork for future scalability upgrades.

• Ethereum have merged on 15/09/2022

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Want to know more about Merge?

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✍️ Description of Work

In this dashboard, we are going to check the behavior of users towards Ethereum Merge and understand how users have behaved after Ethereum Merge. For this, we examine the following:

• ==Transactions== → Number of Transactions, Number of Unique User, ETH Transfer and Fee Spent before and after the Ethereum Merge
• ==Users== → New Users On Ethereum before and after the Ethereum Merge
• ==Swaps== → Number of Swaps, Number of Unique Swappers, Swap ETH Analysis before and after the Ethereum Merge
• ==Transfer ETH to CEX== → Number of ETH transfer, Number of Unique User and Amount of ETH Transferred before and after the Ethereum Merge
• ==NFTs== → NFT Sales and NFT Mints before and after the Ethereum Merge

🧠 Methodology

Ethereum was merged on 2022-09-15 and in block number 15537394. To check the behavior of users, we look at a few days before the Merge and a few days after the Merge.

• The date before Merge that we are looking at: From 2022-09-06 to 2022-09-15 and block numbers before 15537394 (block_number < 15537394)
• The date after Merge that we are looking at: From 2022-09-15 to 2022-09-24 and block numbers after 15537394 (block_number >= 15537394)

To deal with this bounty, we use the ethereum.core schema and fact_transactions, ez_nft_sales, ez_nft_mints, ez_dex_swaps, ez_eth_transfers and fact_hourly_token_prices tables.

1 → ETH Price before and after the Merge

✅ Observations

You can see that the price of ETH has decreased from 1600 USD to 1329 USD after the Merge compared to before the Merge, which means that the price has decreased by about 271 USD

2 → ==Transaction== analysis before and after the Ethereum Merge

✅ Observations

• As you can see, there was no noticeable change in the number of transactions and the number of unique users on a daily basis and in total before and after the merge.
• The amount of fee spent after the merge has decreased significantly and according to our calculations, it has decreased from 16,742 ETH to 12,831 ETH in the specified time period which means a decrease of about 26.4%.
• The amount of ETH that has been transferred, in total, before and after the merge, there is no noticeable change, but there was a noticeable change in the two days before the merger, and its trend was increasing.
• On September 14th, we see the highest amount of ETH transfers (one day before the merge).

3 → ==New Users== On Ethereum before and after the Ethereum Merge

✅ Observations

• The number of new users in Ethereum has increased after the merge, but it is not very noticeable
• The number of new users in the specified time period in Ethereum before the merge was 541,734, after the merge, this value was 579,905.

4.1 → ==Swaps== analysis before and after the Ethereum Merge

✅ Observations

• There is no significant change in the number of swaps before and after the merger
• There is no significant change in the number of swappers before and after the merger

4.2 → ==Swaps From ETH== analysis before and after the Ethereum Merge

✅ Observations

• The number of swaps and swappers From== WETH to other tokens in the time period determined for before and after the merge does not see a significant change.
• The volume of swaps From== WETH to other tokens in the specified time period for before and after the merge has changed significantly and before the merge it was around 3.8B USD, after which it reached 4.8B USD, which means an increase of about 24% In swap WETH to other tokens
• Users have almost the same number of swaps compared to before the merge for swaps From== WETH to other tokens, but the volume of swaps From== WETH ==to other tokens has increased significantly.
• The number of swaps and swapper From== WETH to StableCoins has been much higher than other tokens, both before and after the merge.
• Swap activity (==Number and Volume of Swap==) from WETH to USDC and USDT has been more than the others.

4.3 → ==Swaps To ETH== analysis before and after the Ethereum Merge

✅ Observations

• The number of swaps and swappers To== WETH from other tokens in the time period determined for before and after the merge does not see a significant change.

• The volume of swaps To== WETH from other tokens in the specified time period for before and after the merge has changed significantly and before the merge it was around 4.1B USD, after which it reached 4.9B USD, which means an increase of about 17% In swap To WETH from other tokens

• Users have almost the same number of swaps compared to before the merge for swaps To== WETH from other tokens, but the volume of swaps To== WETH ==from other tokens has increased significantly.

• The number of swaps and swapper To== WETH from StableCoins has been much higher than other tokens, both before and after the merge.

• Swap activity (==Number and Volume of Swap==) USDC to WETH and USDT to WETH has been more than the others.

  After the merger, Swap activity from WETH has been more than Swap activity to WETH

5 → ==Transfer ETH to CEX== analysis before and after the Ethereum Merge

✅ Observations

• It can be seen that the number of ETH transfers to CEXs and the number of users who transferred ETH to CEXs do not change significantly before and after the merge, but it is interesting that on the day of the merge (==2022-09-15==), this number decreased significantly.
• It is interesting that the volume of ETH transfers to CEXs before the merge is much higher than after the merge, and almost after the merge, the amount of ETH transfers to CEXs has decreased by about 30%.
• It is interesting that the day before the merge (2022-09-14), the volume of ETH transfers to CEXs has increased dramatically, and this can be related to the activity of miners.

6.1 → ==NFT Mints== analysis before and after the Ethereum Merge

6.2 → ==NFT Sales== analysis before and after the Ethereum Merge

✅ Observations

• It can be seen that the number of sales, the number of buyers and the number of NFT sellers did not change significantly before and after the merge.
• The sales volume of NFTs has increased significantly after the merge

✔️ Final Conclusion

After examining the behavior of users after the merge, by comparing their activities before and after the merge, we obtained the following results:

> * Price of ETH has decreased after the merge. > * No noticeable change in the number of transactions and the number of unique users on a daily basis and in total before and after the merge. > * The amount of fee spent after the merge has decreased significantly. > * There is no significant change in the number of swaps and swapper before and after the merge. > * The number of new users in Ethereum has increased after the merge, but it is not very noticeable. > * The number of swaps and swappers From/To== WETH To/Form other tokens in the time period determined for before and after the merge does not see a significant change. > * Swap activity (==Number and Volume of Swap==) from WETH to USDC and USDT has been more than the others. > * Swap activity (==Number and Volume of Swap==) USDC to WETH and USDT to WETH has been more than the others. > * The number of swaps and swapper From/To== WETH To/Form StableCoins has been much higher than other tokens, both before and after the merge. > * The volume of swaps From/To== WETH To/From other tokens in the specified time period for before and after the merge has changed significantly. > * After the merger, Swap activity from WETH has been more than Swap activity to WETH. > * The number of ETH transfers to CEXs and the number of users who transferred ETH to CEXs do not change significantly before and after the merge. > * The volume of ETH transfers to CEXs before the merge is much higher than after the merge. > * NFT minting activity has increased after the merge and the number of mints and minters has increased significantly. > * The number of sales, the number of buyers and the number of NFT sellers did not change significantly before and after the merge. > * The mint price usd has increased a lot after the merge and has reached from 202M USD to 344M USD. > * The sales volume of NFTs has increased significantly after the merge.

✅ Observations

• It can be seen that NFT minting activity has increased after the merge and the number of mints and minters has increased significantly.
• It can be seen that the mint price usd has increased a lot after the merge and has reached from 202M USD to 344M USD, which means it has increased by more than 45%.