Introduction to this Dashboard

1. In this dashboard, we will examine user behaviour in the 2 weeks preceding the Merge on Aave, Uniswap, and MakerDAO.

2. We will explore the amount of ETH deposited and withdrawn from these 3 protocols on a daily basis over time, and see if there are any trends in the net ETH deposited to these protocols in the last 2 weeks.

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Methodology

1. ETH deposits and withdrawal to/from Aave are obtained using ethereum.aave.ez_deposits and ethereum.aave.ez_withdraws tables.

2. ETH deposits and withdrawal to/from Uniswap are obtained using ethereum.uniswapv3.ez_lp_actions table, by filtering for action =

   ‘INCREASE_LIQUIDITY’ and ‘DECREASE_LIQUIDITY’ respectively.

3. ETH deposits and withdrawal to/from MakerDAO are obtained using ethereum.maker.ez_deposits and ethereum.maker.ez_withdrawals tables.

4. Analysis in this dashboard starts from June 1st 2022.

1. The graph of ETH deposited and withdrawn from Aave is nearly identical until 5 days before the Ethereum Merge, when we see an increase in ETH removed in relative to ETH supplied.
2. Aave has seen an ETH outflow ranging from 18k ETH to 94.57k ETH over the last 5 days.
3. Net ETH removed from Aave totalled to 181.5k ETH over the past 2 weeks.
4. Users are likely to withdraw their ETH in order to receive the ETH PoW airdrop during the Merge (September 15th 2022).

1. As we approach the 2-week mark before the Merge, we observe that the volume of ETH deposited and withdrawn from Uniswap has decreased compared to earlier days.
2. Similar to Aave, over the past 2 weeks in Uniswap, it appears that there have been more days with more ETH withdrawn than deposited on Uniswap.
3. Over the last two weeks, 55.2k ETH were net removed from Uniswap.

1. On MakerDAO, the majority of ETH deposits and withdrawals took place between mid-June and mid-July.
2. Since the middle of July, there have been few ETH deposits and withdrawals to and from MakerDAO.
3. Over the last two weeks, MakerDAO has had 856k ETH in net ETH removed.
4. Aave, Uniswap, and MakerDAO users appear to have removed their ETH from these three protocols two weeks before the Merge. It is likely that ETH is removed by users from protocols in order to receive ETH PoW Airdrop.

Introduction to the Merge

1. The Merge is the most significant upgrade in Ethereum's history.
2. The current Ethereum Mainnet will merge with the Beacon Chain proof-of-stake system, happening on September 15th, 2022.
3. The Merge will mark the end of Ethereum's proof-of-work era and the full transition to proof-of-stake, paving the way for future scaling upgrades.
4. Users are not required to do anything during the Merge because when Mainnet is merged with the Beacon Chain, the entire transactional history of Ethereum is also merged.
5. Users who hold spot ETH, on the other hand, will receive ETH PoW airdrop.

ETH Supplied and Removed from AAVE

ETH Deposited and Removed from Uniswap Liquidity Pools

Conclusion

1. Table of Summary of Net ETH Removed from Aave, Uniswap and MakerDAO over the past 2 weeks.

2. All 3 protocol see positive net ETH removed by users 2 weeks before the Merge, with MakerDAO seeing the largest ETH outflow of 856k ETH.
3. It is likely that users removed ETH from protocols in order to receive ETH PoW Airdrop during the Merge.

ETH Deposited and Removed from MakerDAO