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?

Overview of analysis:

The Ethereum network post merge has been analyzed for the following parts:

• Ethereum network stats
• Staking on Lido
• Swap analysis
• Mine analysis
• NFT sale on Ethereum

Ethereum Merge:

The transition of the Ethereum network to Proof of Stake (PoS) or its new consensus mechanism for verifying cryptocurrency transactions is called The Merge. In fact, the Proof of Stake algorithm will be replaced by the Proof of Work algorithm invented by Bitcoin. What does Marj mean exactly? Beacon Chain, a proof-of-stake network for Ethereum launched in 2020. However, the network still cannot process a transaction.

This chain essentially serves as a place for Ethereum projects to prepare for a proof-of-stake update. In order for Ethereum to become fully PoS, the Beacon chain (referred to as the "consensus" layer) and the Ethereum PoW mainnet (referred to as the execution layer) must be combined or merged.

Methodology:

• Ethereum network

  Select * from ethereum.core.fact_transactions

• Staking on Lido

  from ethereum.core.ez_token_transfers where ORIGIN_TO_ADDRESS='0xae7ab96520DE3A18E5e111B5EaAb095312D7fE84'

• Swap analysis from ethereum.core.ez_dex_swaps

• Mine analysis from ethereum.core.fact_blocks

• NFT sale from ethereum.core.ez_nft_sales

• Set time periods

  when BLOCK_TIMESTAMP>'2022-09-15 03:00:00.000' then 'Post-merge period' else 'Pre-merge period'

Part 1: Ethereum network

Findings:

• First of all lets see the price of ETH post and pre merge. According to this chart, the price of ETH spikes in the first hours of merge then dropped suddenly.
• Every transaction on Ethereum has ETH value as we know. As shown in the chart, the ETH value of transactions decreased in comparison with pre merge period.
• The active wallets on Ethereum has been increased post Ethereum merge.
• The count of transactions post merge of Ethereum has been increased as shown in the chart.
• The average paid fee for post merge period has been reduced significantly.
• The number of newcomers on Ethereum has been reduced over time but since merge on Ethereum the count of newcomers increased on post merge period.

Part 2: Staking on Lido

Findings:

==The Lido finance is the leading staking platform for ETH.==

• The daily number and volume of staking on Lido have been increased post merge period and the difference is remarkable.
• Average and Median volume of stake on Lido has been increased post merge period.
• The unique depositors on Lido finance has been enhanced post merge of Ethereum.

Part 3: Swap Analysis

Findings:

• The number of swaps and unique swappers enhanced post merge period a little.
• The most used token on Ethereum is WETH and the swaps to and from this token has important role.
• The swaps from WETH to other tokens increased post merge as can be seen.

Part 4: Miner analysis

Findings:

• The count of miners increased dramatically in post merge.
• Daily mined blocks has been enhanced in post merge period.
• The average mined blocks per miner has been decreased due to the enlargement of miners count.
• The Daily average mine per miner decreased and shown in the scatter plot for the post merge period.

Part 5: NFT sale on Ethereum

Findings:

• Daily count of NFT sale and purchasers on Ethereum have been enhanced compared to pre merge period but the difference is small.
• The volume of NFT sale on Ethereum has been decreased post merge period.
• The average paid fee in USD for NFT sale has been decreased remarkably compared to pre merge period.

References and useful links:

• Ethereum Merge
• Article 1: Cointelegraph
• Article 2: World economic forum

Author:

Credited by MZG

Discord handle: m.zamani#0361

Twitter handle: @GargariZamani