Merge Open Analytics

    Introduction

    • In this dashboard, You will read about the user’s behaviour after and before the Ethereum Merge.
    • The Merge, its transition to an environmentally friendly proof-of-stake consensus mechanism happened on September 15.
    • I examined Transfers from CEXs to the Ethereum chain and From the Ethereum chain to CEXs. I analyzed these parameters:
    • Users
    • Transactions
    • Volume
    • Average Users, Transactions and Volume before and After the Merge
    • ETH Transfers Per CEXs

    Analyzed by Hess - Reading Time Almost 10 min

    Method

    • The important part of this analysis was CEX addresses. I found CEX Hot addresses from flipside_prod_db.crosschain.address_labels. Then, I used my findings in ETH transfers and token transfer tables.
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    ETH Transfers Per CEXs

    • The total number of Users didn’t change too much. I can not see CEXs with unusual activities. All ETH transfers from CEXs to Ethereum and Ethereum to CEXs were like before the Merge. Only on Merge day, users and transactions dropped.
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    A SUMMARY OF THE MOST IMPORTANT FINDINGS

    Inflow and Outflow

    Users

    • After the Ethereum merge, the Total Number of users to Ethereum didn’t change but the number of users to CEXs decreased by around 20K unique wallets.

    Transactions

    • Transactions were like users. Inflow to Ethereum didn’t change after the merge but Outflow from Ethereum decreased by around 20K.

    Volume in USD

    • One of the parameters that impacted too much after and before the merge was Volume in USD. After Merge, volume to the Ethereum chain increased and volume to CEXs decreased significantly.

    ETH Transfers

    • Users and Transactions dropped for only one day ( The merge day ) but after that back to normal.
    • ETH amounts from and to Ethereum decreased.
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    Full Analysis

    Users From and To Ethereum

    • Before the Merge ( Sept 15 ), The total number of users to CEXs had many ups and downs but after the merge decreased. The average number of users to CEXs before the merge was 29K and after the merge was 23K. The total number of users from CEXs to the Ethereum chain didn’t change too much.

    Transactions From and To Ethereum

    • The total number of transaction activities before and after the merge was like to the users. The average number of transactions to CEXs before the merge was 37K but after the merge decreased by 32K. Transactions to the Ethereum chain didn’t change.

    Volume in USD from and to Ethereum

    • The Ethereum Merge impacted too much in Volume. Before the Merge, The daily volume to and from the Ethereum chain was above 2B US dollars but after the Merge reached 500-600M US dollars. The average volume to the Ethereum increased after the Merge But to CEXs decreased.

    Conclusion

    • We can not say that The Ethereum merge didn’t impact this chain. I can conclude that transfers to the Ethereum chain increased but from Ethereum to CEXs decreased after the Merge. The Ethereum merge impacted Users, Transactions and especially Volume.
    • But ETH token transfers ( Native token of Ethereum ) didn’t change too much. The only parameter was the ETH amount. The ETH transfers from and to the chain increased before the merge but after the Merge decreased.

    THANK YOU FOR READING!

    ALL CODES AND CONTENTS WERE WRITTEN BY HESS

    :writing_hand: Twitter: @hessaminanloo

    :exclamation: Discord: hess#0890

    :calendar: Analyze Date**: 2022/SEP/26**

    ETH Amounts

    • Before the Merge, The total amounts of ETH that transferred from CEXs to Chain and chain to CEXs increased but after the Merge dropped significantly. Most transfers were from and to Binance and FTX.