Tasks

• The merge has occurred. How have users responded in days that followed?
• Compare this to user behavior in the days and weeks leading up. What major changes can you see?

Definition

• Period: There are two focus periods, including before and after. Each period is 7-day long with respect to the merge (2022-09-15).

Methodology

To investigate the user behavior after the merge, we divide the analysis into 4 parts

1. Total and daily transaction and unique wallet count
2. Transaction action distribution
3. Swap and transfer volume distribution
4. Peak time

Dashboard Guide

• To make this dashboard concise, the descriptions are under each figure.

Part I.) Transaction and unique wallet count

Part II.) Transaction action distribution

Part IV.) Peak time

Part III.) Volume distribution

• After the merge, total transaction and wallet count increased by around 1M (12%) and 0.3M (17%), respectively.

• The daily transaction count increased, especially for the first three days after the merge.
• The daily average transaction count raise from 1.02M to 1.15M a day which is around (12%)

• The unique wallet count shows the same trend as the transaction count.
• The daily average number increased by around 14 percent.

• The other actions except minting decreased in percentage after the merge, because the minting action increased by around 7% compared to the before merge period.

• As shown, the number of transactions and wallets increased after the merge.
• The width of the minting bands is notably increased, especially for the first three days after the merge, while the other actions look still the same.
• The daily count and percentage indicate that the extra transactions after the merge come from the minting action.

Transfers

Swaps

Before merge

After merge

• The number of transactions, unique wallets, and transfer volume increased after the merge.
• The transfer volume increased by around 0.35T USD, approximately 30%, compared to before the merge.
• The chart below breaks down the transfer volume by token.

• Almost all of the total transfer volume comes from the ERC20 token.
• The ERC20 transfer volume is increased, while the ETH transfer volume goes down.
• After the merge, users are ambitious to transfer ERC20 but choose to hold more ETH.
• The chart below breaks down the transfer volume by size.

• The transfer size tends to be smaller because the small size (≤ 100 USD) has a larger count while the rest is smaller than before the merge.
• The two smallest size bands in the lower chart are notably larger while the rest are smaller.

• The number of transactions and unique wallets are increased while the volume goes down
• While the transfer volume is increased, the swap volume goes down by around 0.7B (10%)
• The chart below breaks down the swap volume by swap type.

• Although the number of transactions and unique wallets are increased, on the other hand, the volume of ETH swaps goes down.

• The swaps without ETH are still the same after the merge.

• This relates to the transfer in that the merge slows down ETH-related activities.

• The chart below breaks down the swap volume by size.

• The total volume depends on the biggest size, which differs in magnitude.
• Although the transfer volume stays still or decreases in some sizes except the biggest and the smallest ones, the total volume goes up with the biggest size’s volume.

• The swap count increased in all sizes except the largest size.
• Only the smallest size band that notably larger while the rest still looks the same.

The table on the right shows the peak time ranked by transaction count for each day of the week and time of day.

• After the merge, the transaction time shifts to intense on Saturday morning from scattered around weekdays.
• The two figures below show the full information on each time for each period.

Conclusion

• Unique wallet and transaction count: After the merge, total transaction and wallet count increased by around 1M (12%) and 0.3M (17%), respectively.
• Action distribution: The other actions except minting decreased in percentage after the merge, because the minting action increased by around 7% compared to the before merge period.
• Volume distribution: We select the transfers and swaps to represent the activity volume after the merge
  • After the merge, ETH-related activity volume is slowed down.
  • The total volume depends on the biggest size, which differs in magnitude.
  • The smaller activity volume size tends to be larger. On the other hand, the larger sizes show the opposite direction compared to before the merge.
• After the merge, the transaction time shifts to intense on Saturday morning from scattered around weekdays.

• The total volume depends on the biggest size, which differs in magnitude.
• Although the swap volume is increased in all sizes except the biggest one, the total volume goes down with the biggest size’s volume.