👀 Findings

> * Successful Transactions: The trends has not undergone any serious changes. In the first days after the Merge, the number of successful daily transactions shows a maximum increase of 20%. But after passing this hype, the number of successful daily transactions has returned to the pre-Merge level.

> * Failed Transactions: In a general perspective, if we look at the number of failed transactions each day, it can be seen that the number of daily failed transactions after the Merge was higher than before on most days. For example, in the 11-day period before Merge, the number of failed transactions was more than 40k in seven days, but in the 11-day period after it, the number of failed transactions was more than 40k in 10 days.

> * Users: The number of daily users has very similar trends to the chart of successful daily transactions, but the intensity of changes is slightly higher. The highest number of daily unique users (about 562k users) in this 23-day period was on the second day after the Merge (i.e. September 17). This increase in the number of unique users (about 27% compared to September 16) cannot be unrelated to the NFTs of this event. There is an opinion that the NFTs of this day can be very useful in the future and airdrops, and many users made their efforts to have these NFTs, which sometimes had a limited number, time and special conditions, and the result can be seen here.

> * Average Number of Transactions per User: no noticeable change. There is not even a slight increase or decrease before and after this change.

> * Fees: Obviously, the daily fee paid for transactions in the post-Merge period is lower than the pre-Merge period. This is while there was no significant difference in the daily number of transactions between these two intervals. There are only three days in the post-Merge period where the total daily fee paid has reached over 1500 ETH. In the 11 days before Merge, the number of days with these conditions was 6 days.

> * Gas: The period after the Merge shows a relative increase in the percentage of gas used compared to the period before the Merge.

> * Blocks: The number of daily blocks has clearly increased after Merge (19%), and on the other hand, the average number of transactions per block has clearly decreased compared to the period before Merge (18%).

📌 About Ethereum

> Since its launch in 2015, Ethereum has established its place in the blockchain industry as a popular decentralized computing platform, allowing thousands of projects to be created on its blockchain. While it remains one of the most relevant blockchains, Ethereum’s current infrastructure can't scale its operations in a way that can attend to growing global demand. In order to combat the lack of scalability, the Ethereum team proposed a set of upgrades that would lead to an evolved Ethereum blockchain. These upgrades are the Beacon Chain, The Merge, The Surge, The Verge, The Purge, and The Splurge.

📌 The Merge

> The Merge is Ethereum’s next serious step to tackling scalability issues. Simply put, it integrates the two existing independent chains in the Ethereum ecosystem: the execution layer and the consensus layer (Beacon Chain).

> The Ethereum mainnet is expected to merge into the Proof of Stake system coordinated by the Beacon Chain in September 2022. After The Merge, the ecosystem will only use a Proof of Stake mechanism to secure its network.

> # Methodology

• The following basic code was used directly or indirectly in almost all queries of this bounty:

select 
    case
        when block_number < '15537351' then 'Before The Merge'
  		when block_number >= '15537351' then 'After The Merge' end as before_or_after,*
FROM ethereum.core.fact_Transactions

• The first block number of Ethereum network after Merge is: ==15537351==. And this block number was considered as the boundary between the Ethereum network in the era of PoW and PoS.

  \

• The 11 days before and 11 days after the Merge were evaluated (plus the day of the Merge itself), and in total this review covers the last 23 days.

• First, the basic parameters of the Ethereum network were examined: Transactions, users, fees and blocks.

  \

• Then, as one of the most important activities of users, the number of swaps and swappers was evaluated before and after Merge.

• Next, ==I decided to evaluate the situation of the native token of the Ethereum network, ETH.

  \

• At first, ETH deposited and withdrawn to and from two platforms, AAVE and Maker, were obtained and compared.

  \

• Then the transfer status of this token was checked. First, a general overview of this parameter and then a more detailed review. What has been the status of ETH transfers between centralized exchanges and the Ethereum network.

  \

• Next, the status of swaps to and swaps from ETH was evaluated.

  \

• Finally, Liquid Staking of ETH was examined in prominent platforms of the Ethereum network.

Deposit Stats in AAVE

Deposit Stats in Maker

Withdraw Stats from AAVE

Withdraw Stats from Maker

> # Introduction

> # References

• Ethereum Logo Gifs
• Merge Image
• AAVE Logo
• Maker Logo
• Centeralized Exchange Image
• Swap Image
• Liquid Staking Image
• Inspired by Ali3N#85's dashboard on Liquid Staking section.

> ## Basic Metrics: Transactions, Blocks, Users and Fees

> ## Liquidity Protocols: ETH Inflows and Outflows

> ## ETH Transfers: Overview, CEXs to Ethereum or Ethereum to CEXs

> ## From CEXs

> ## To CEXs

> ## Swaps from and to ETH

> ## ETH Liquid Staking

Conclusion | Interval after Merge compared to Interval before Merge:

📌 Basic Metrics:

> * A slight increase in the number of failed transactions > * Reduction in transaction fees > * A slight increase in the percentage of gas used > * Increase the number of blocks > * Reducing the average number of transactions per block

📌 Liquidity Protocols:

> * The hype of Merge days in AAVE and the relative uniformity of the situation before and after it > * Increase in the parameters of the deposit in Maker > * Reduction in Withdraw parameters in Maker

📌 Transfers:

> * Hype on Merge days (specifically for the amount of ETH transferred and less intense for the number of ETH recievers) > * No change in the number of ETH transfers and ETH senders > * CEXs: similar trends in the amount of ETH inflows and outflows to and from the Ethereum network > * CEXs: A decrease in the number of transactions and the number of ETH senders to exchanges

📌 Swaps:

> * An upward trend in the number of swaps from and to ETH > * No change in the number of swappers > * No change in the trend of the amount of ETH swapped after a few days of Merge > * A relative increase in the number of tokens swapped from ETH

📌 Liquid Stakings:

> * Increase at least two times in all three parameters (number of stakes, number of stakers and amount of stakes)

👀 Findings

📌 Deposit:

> * In AAVE, Merge cannot be considered to have a significant effect on the behavior of users in this section, because the changes before and after Merge are not such that Merge can be considered effective in these trends. Of course, on the same day of the Merge, more than 221k ETH was deposited into AAVE, but after that, a sharp downward trend can be observed and this surge was not sustainable.

> * In Maker, the situation is completely different. The interval before and after Merge show significant differences. In all three parameters, the number of deposits, the number of depositors, and the amount of deposited ETHs, there is absolute superiority for the post-Merge period.

📌 Withdraw:

> * In AAVE, in the days leading up to the Merge and the early days after the Merge, a peak-like trend can be observed (September 10 to 20). It seems that there have been many users who have doubted the success of Merge and have imagined that their assets will undergo negative changes since this day and have preferred to withdraw their assets from this protocol. But after the successful completion of the Merge process, this process of withdrawals has decreased.

> * In Maker, There is a similar trend, but the difference in Maker is that users have reduced the volume of their withdrawals immediately after the successful Merge and changed the peak-like shape of this 10-day interval. But the interesting thing about Maker is that on September 19th, more than 150k ETH was withdrawn from this protocol. This is more than the total amount of ETH deposited into this protocol in this 23-day period, by a huge margin.

👀 Findings

📌 From CEXs:

> * Number of Transactions: From this point of view, it can be clearly seen that users have been a little more cautious. The number of transactions in the days leading up to the Merge has a relatively downward trend, but after the successful completion of the Merge, we have seen a significant increase in the number of ETH transfer transactions from centralized exchanges to the Ethereum network. But after that, the number of daily transactions has reached a stability, although they are slightly less than the period before Merge. Perhaps the drop in the price of the ETH token in recent days and the lack of optimism for its price increase in the short term can be seen as the reasons why the number of transactions has not returned to the pre-Merge level.

> * Number of Receivers: has a trend similar to the number of transactions, with the difference that the intensity of the two changes is slightly different.

> * Amount of ETH Transferred to the Ethereum Network: This is an interesting chart. It seems that users who held more ETH were optimistic about the Merge and the events that followed, because in the day before the Merge, more than 2m ETH entered the Ethereum network from centralized exchanges. But before and after the hype of the Merge phenomenon, the situation is somehow the same.

📌 To CEXs:

> * Number of Transactions: After Merge, the number of transactions shows a significant decrease. While in the days leading up to Merge, the number of transactions grew significantly. It seems that here too, the uncertainty of users about the result of the Merge has led them to withdraw their ETHs from the Ethereum network.

> * Number of Senders: the trend of its graph is the same as the graph of the number of transactions, and even the intensity of changes are very similar.

> * Amount of ETH Transferred to CEXs: The withdrawal of more than 3m ETH in the day before the Merge speaks well of how a number of users thought about the Merge and its consequences. 2m ETH incoming from CEXs this day with this incoming figure to CEXs responded. In my opinion, the different thoughts of users regarding a big and fundamental phenomenon (such as Merge for the Ethereum network), is a very beautiful thing that can be investigated a lot more and reach very interesting results.

👀 Findings

📌 Swap to ETH:

> * Number of Swaps: With a very low but upward slope, the number of swaps to ETH is increasing after the Merge. (Growth less than 15%) Although the number of swaps to ETH decreased in the first days after the Merge, this upward trend soon replaced the downward trend and continues.

> * Number of Swappers: compared to before Merge, no particular difference can be observed in the number of swappers in the post-Merge period.

> * Amount of ETH Swapped (from other tokens to ETH): Although the day before the Merge saw the highest amount of ETH transferred, this was not a consistent trend (even on the day of the Merge and the day after). Interesting behavior of users can be seen here.

> * Number of Tokens Swapped to ETH: The number of tokens swapped to ETH has not changed much in the period before and after Merge and is in the range of 2400 tokens per day. Which is a very interesting number. Imagine that every day 2400 unique tokens, each of which can represent a protocol or platform, are swapped for ETH. Here you can feel the greatness of the Ethereum network.

📌 Swap from ETH:

> * Number of Transactions: here again with a slight slope (slightly more than swaps to) but upward, the number of swaps from ETH is increasing after the Merge. (Growth less than 20%) Although the number of swaps from ETH decreased in the first days after the Merge, this upward trend soon replaced the downward trend and continues.

> * Number of Swappers: Compared to before the Merger, no particular difference can be observed in the number of swappers in the post-Merge period, but the number of daily swappers in the ETH swap section has always been more than the swappers in the ETH swap section.

> * Amount of ETH Swapped (from ETH to other tokens): The trends here are the same as in the swap section, the only difference being the intensity of the changes.

> * Number of Tokens Swapped from ETH: The number of tokens swapped from ETH shows changes in the period before and after the Merge (increasing the number of tokens in the period after the Merge). In the period before the Merge, the number of tokens was less than 2k and after it was more than 2k.

👀 Findings

> * Number of ETH Liquid Stakings: The number of Liquid Stakings has clearly grown in the post-Merge period. On average, the number of Liquid Stakings in the period after Merge is about twice the period before it.

> * Number of ETH Liquid Stakers: The number of stakers has the same status as the number of stakes. With the difference that the ratio of doubling the number of stakes in the previous section is also bigger here.

> * Amount of Liquid Staked: In terms of the amount of stakes, you can see a double difference in the period after Merge compared to before. However, the highest amount of staking in a single day is on September 12 (pre-Merge period).

> * Staking Options: The most popular staking option in this 23-day period was direct staking by a large margin. After that, we can mention the Lido platform, which has and will have something to say in this regard.

❗❗ Clarification ❗❗

> * In this dashboard, I decided to specifically evaluate the native token of the Ethereum network, ETH, in several areas to determine if this fundamental change that has occurred in the Ethereum network has changed the way users interact and use this token?

> * But on the other hand, I had no intention to compare the period before and after Merge in terms of total values ​​and total numbers. (I have done this to some extent in my previous dashboard which was about user behavior after Merge). My goal in this dashboard is to check the trends and whether Merge has changed the trends? If so, did this happen for all parameters or only in certain cases?

> * Number of Transfers: No significant changes can be observed in terms of the number of daily ETH transfers. Although on the day after the Merge, the highest number of transfers was made in this 23-day period, but the number of transfers this day (810k) is only 2% more than the second day in terms of the number of daily transfers (794k).

> * Amount of ETH Transferred: But in terms of the amount of ETH transferred, you can clearly see a certain vibrancy around the Merge day. 8.72m ETH was transferred in the day before the Merge, which is the most amount of ETH transferred daily in these 23 days.

> * ETH Senders: The number of ETH senders has not changed significantly before and after the Merge, and the first and second days in terms of the highest number of senders are at least 5 days apart from the Merge day.

> * ETH Recievers: In the section of ETH receivers, the situation is different. There were the most receivers around the days of Merge and it seems that this increase in number is completely related to this phenomenon. But before and after Merge, there is a relatively constant trend in the number of ETH recipients.