Try Quests to earn cryptoFlash Bounty: Post Merge Behavior
Summary of the POS system and what happened
Ethereum’s new system, proof-of-stake, does away with mining entirely.
Miners are replaced by validators – people who “stake” at least 32 ETH by sending them to an address on the Ethereum network where they cannot be bought or sold.
These staked ETH tokens act like lottery tickets: The more ETH a validator stakes, the more likely one of its tickets will be drawn, granting it the ability to write a “block” of transactions to Ethereum's digital ledger.
Ethereum introduced a proof-of-stake network in 2020 called the Beacon Chain, but until the Merge it was just a staging area for validators to get set up for the switch. Ethereum’s transition to proof-of-stake involved merging the Beacon Chain with Ethereum’s main network.
According to Beiko, the energy consumption of proof-of-stake is “not even a rounding error in terms of environmental impact.”
“Proof-of-stake is like running an app on your MacBook,” he said. “It's like running Slack. It's like running Google Chrome or running Netflix. Obviously, your MacBook plugs into the wall and uses electricity to run. But no one thinks about the environmental impact of running Slack, right?” Read more
You can see the price of Ethereum or ETH token that has decreased after the update.
Although it was said that after the completion of the mine, miners cannot supply much Ethereum and this will increase the price of Ethereum, but you can see that the price has decreased in the first 10 days after the update. perhaps in the future, the issue of reducing the supply of Ethereum can increase its price.
The average price of ETH before the update is 1657 USD and after the update is 1387 USD
In the charts above, we have displayed the 3 criteria of transactions, users and fees in different ways and grouped them before and after the Merge update.
The number of transactions increased a little in the first few days of the update, but it has returned to normal. In the chart of the total number of transactions, you can see that the total number of transactions before and after Merge is almost the same, and both of them are 10.2M.
The total number of users has increased after Merge
And the transaction fee has also decreased, so that before the update, the average transaction fee was 0.0017, and after that, it has become an average of 0.0012.
As you can see, we do not see any behavioral change in the number of NFT sales or the number of NFT sellers and buyers in the Ethereum blockchain, as a result, Merge update has not had much impact on the NFT sector.
The number of transactions on the Opensea platform has not changed, but the total number of users has decreased slightly after Merge.
According to the statistics recorded in the charts related to the success rate of Ethereum blockchain transactions, we understood that the success rate or the rate of failed transactions did not change, and in both time periods the success rate was about 96%.
Method and introduction
Using Tables ethereum.core.fact_hourly_token_prices , ethereum.core.fact_transactions , and ethereum.core.ez_nft_sales we have compared various cases of Ethereum blockchain statistics on a daily and general basis in recent days and weeks.
Then, using the Case command, we have grouped the charts into days before and after 2022-09-15.
So that you can better understand the behavior and statistics before and after the Merge update
Conclusion
After calculating the behavior of users with criteria such as transactions, volume of transactions, NFTs, Ethereum gas and Ethereum price in the days and weeks before and after the Merge update, we obtained the following results:
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Although it was said that after the completion of the mine, miners cannot supply much Ethereum and this will increase the price of Ethereum, but you can see that the price has decreased in the first 10 days after the update. perhaps in the future, the issue of reducing the supply of Ethereum can increase its price. The average price of ETH before the update is 1657 USD and after the update is 1387 USD
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total number of transactions before and after Merge is almost the same, and both of them are 10.2M.
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The total number of users has increased after Merge
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And the transaction fee has also decreased, so that before the update, the average transaction fee was 0.0017, and after that, it has become an average of 0.0012.
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we do not see any behavioral change in the number of NFT sales or the number of NFT sellers and buyers in the Ethereum blockchain, as a result, Merge update has not had much impact on the NFT sector.
\
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The number of transactions on the Opensea platform has not changed, but the total number of users has decreased slightly after Merge.
\
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According to the statistics recorded in the charts related to the success rate of Ethereum blockchain transactions, we understood that the success rate or the rate of failed transactions did not change, and in both time periods the success rate was about 96%.