Flash Bounty: Post Merge Behavior

Ethereum Network Status

Let's take a look at the most important event after Merge, the general state of the Ethereum network. On the day when the Merge occurred, the number of network transactions reached 1.2 million and after that it also grew and reached 1.277 million transactions on September 17. The number of transactions per hour and second until a few days after the Ascendant Merge, so that on September 19, there were 887 TPH and 15 TPS. The success rate of transactions on the day of the Merge, i.e. September 15, decreased slightly and reached 95.4, but immediately returned to its average level in the following days. Until now, we have noticed that the transactions in the Ethereum network have a significant number and success, and Merge has not caused any problems for this network. The cost of gas decreased after the Merge and reached an average of 8.5 on September 17, which is the lowest level in the last two months, which is a very positive point for the Ethereum network. The average seconds between blocks decreased after the merger and reached about 12 seconds from about 14 seconds in the previous days.

Until a few days after the Merge, the number of Ethereum network users was on the rise, so that the number of users reached 561k on September 17, which is a record low number, and on the other hand, the number of new users of this network was 68,000 on this day. After Merge, users worked with more contracts and their use of different contracts has slightly increased compared to before.

The most popular platform that users used before the merger was Hop Protocol, so that it had about 1.1 million users, and after the merger, Hop Protocol was very popular, so that about 230,000 users have used it since the merger.

Ethereum NFT Market

The volume of NFT trades after the Merge is decreasing very slowly, although the point is that the volume of NFT trades was in a downward trend before the Merge. The interesting point is that although the volume of NFTs has decreased, the number of NFTs traded has increased, so that on September 18, about 68 thousand NFTs were bought and sold. The number of buyers and sellers of NFT before and after the Merge has not changed, it is the same as before.

The number of minted NFTs has slightly increased after Merge, and for this reason, the number of NFT minters has also increased. The average price of NFTs in the Ethereum network has been declining since about a month ago and it has continued to decline after the Merge, which means that the Merge has not had an effect on the price of NFTs in this network.

Ethereum Exchanges

It can be said that Merge had almost no special effect on the activities of CEX and DEX.

The number of swaps in ethereum DEX increased slightly after Merge and on September 23, it reached its highest level in the last 2 months, which is 209.6k swaps.

The volume of swaps done in DEXs has decreased significantly after Merge, so that the volume of DEX transactions reached 1.285 billion dollars on September 17, which was the lowest level in the last 2 months.

The number of users has not changed much compared to before Merge and they are fluctuating like before.

Ethereum Native Token

One of the most important factors that users expected Merge to have a positive impact on that day was the price of the Ethereum network's native token, ETH. The number of ETH transfers did not change significantly after Merge, but the amount transferred on Merge day was significant and the amount of ETH transferred on this day was about 8.2 million.

The volume of ETH swaps in general has been decreasing in the last two months, and on the day of the merge , i.e. September 15, about 635 million dollars were swapped to ETH, and on the other hand, on this day, 830 million dollars ETH were converted to other tokens, which is not good for ETH because it means that users prefer to convert their ETH to other assets. The amount of ETH staked has slightly increased compared to the previous days, and after Merge, users made more stakes than normal days, so that their number was close to 1000 users on September 18.

Ethereum Bridge to Layer 2

The trend of user migration from Ethereum to layer 2 has been on the rise in the last few days, but what seems to be that after Merge, the amount of migration has increased, and this means that Ethereum users migrated to layer 2 after Merge.

On September 22, 2237 bridges from Ethereum to layer 2 were recorded, and these bridges were made by 2015 users.

Although the number of bridges has increased after Merge, the volume of bridges from Ethereum to layer 2 has not increased much.

Governance Status

The number of voters on the day when Merge was held reached its highest value in the last 2 months and the number of voters on this day reached about 68k.

The number of DAOs reached 265 just a few days after Merge, on September 19, which was the highest number in the last 2 months.

Voting events reached their highest level in the last 2 months on the same day that Merge happened, and the number of voting events was 73k on this day.

In general, it can be concluded that the Merge event was able to activate voting and voters.

Project : Ethereum

Bounty Name : Flash Bounty: Post Merge Behavior

Question: The merge has occurred. How have users responded in days that followed?

Analyze any notable trends or outliers you can see since ETH switched to POS. Compare this to user behavior in the days and weeks leading up. What major changes can you see?

Date of analysis : 2022-09-24

Ethereum Network

Ethereum is a decentralized blockchain network powered by the Ether token that enables users to make transactions, earn interest on their holdings through staking, use and store nonfungible tokens (NFTs), trade cryptocurrencies, play games, use social media and so much more.

Many consider Ethereum to be the internet’s next step. If centralized platforms like Apple’s App Store represent Web 2.0, a decentralized, user-powered network like Ethereum is Web 3.0. This “next-generation web” supports decentralized applications (DApps), decentralized finance (DeFi) and decentralized exchanges (DEXs), for instance. source

What is the Ethereum 'Merge'?

The first part of the Merge upgrade began on September 6 with the Bellatrix upgrade, which marked a so-called "hard fork" that will convert Ethereum from a proof-of-work (PoW) to a proof-of-stake (PoS) base.

The switch will take Ethereum from the intensive energy-consuming PoW model to the PoS model. Both mechanisms are used to confirm transactions and add new blocks to the chain, but they work differently.

The PoW system works like a competitive numeric guessing game and the first person to solve the puzzle is awarded a fixed amount of cryptocurrency.

It requires a global network of computers to run at the same time when a transaction takes place and therefore a lot of energy. In the PoS system, you do not need the energy-consuming hardware as you acquire coins, which are put up as collateral in the staking process and there is then a random selection through the software.

How powerful your machine does not increase your chance of winning and being able to create the next block for the blockchain. The only thing that increases your chance of winning is just getting more coins.

source

Methods

Tables I used:

ethereum.core.fact_transactions ethereum.core.fact_blocks

ethereum.core.fact_event_logs ethereum.core.dim_labels

ethereum.core.ez_nft_sales ethereum.core.ez_nft_mints

ethereum.core.ez_token_transfers ethereum.core.ez_eth_transfer

ethereum.core.ez_dex_swaps ethereum.core.fact_hourly_token_prices

ethereum.core.ez_snapshot

Lables

label_type = 'cex'

label_subtype = 'hot_wallet'

Symbols

symbol = 'WETH'

Layers 2

Optimism, Arbitrum, ZkSync, Starknet

Staking Platforms

Rocket Pool, Stkr, Stakewise, Cream, Direct Staking, Lido

Date data is divided into two parts

Between '2022-07-24' and '2022-09-15' is Before Merge

After '2022-09-15' is 'Post Merge'

Metrics

Etherum Network Status

Number of Transactions Transactions Per Hours & Seconds

Transactions Success Rate Amount of Fee Spent

Average Gas Price (GWEI) Average Block Size

Number of New Users Top Popular Addresses Before Merge

Top Popular Addresses Post Merge

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Ethereum NFT Market

NFT Sales Volume Number of NFT Buyers & Sellers

Number of NFT Mints & Minters

NFT Average Price

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Ethereum Exchanges

Number of CEXs Users CEXs Tranasctions

Number of DEX Users DEX Swap Count

DEX Swap Volume (USD)

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Ethereum Native Token

ETH Price Amount ETH Transfer

ETH Swap Volume (To) & (From)

Amount of Staked ETH

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Ethereum Bridge to Layers 2

Number of Bridges Bridge Volume (USD)

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Governance Status

Number of Voters Number of DAOs

Voting Events Number of DAOs

Thanks for reading

All data used are from: Flipside Crypto

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My Twitter: Sepehrmhz8

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Conclusion

After the Merge event that happened on September 15 of this year, nothing special happened in the state of the Ethereum network, and in some cases we saw positive points from the Ethereum network.

Although the activity of users in some cases is low, it has grown. Among these cases, we can mention MintNFT, doing swaps in Dex, Stake Ethereum and participating in voting, but in the meantime and after Merge, one of the negative points for Ethereum network is increasing the migration from it to layer 2 and users migrated more after the Merge event than before.