Merge Introduction

The Ethereum Merge merges Ethereum's PoS Beacon Chain and Mainnet in order to transition the blockchain away from the unscalable proof-of-work (PoW) mechanism. On the 15th September 2022, Ethereum has successfully made the transition to a PoS mechanism. Through the merging, operations have been moved from the current Ethereum Mainnet to the new Ethereum Beacon Chain. The energy use of Ethereum will be reduced by 99.95% as a result of this merge, allowing the Ethereum ecosystem to grow even further.

Introduction

In this dashboard, we will look into the behaviour of wallet after ETH switched to POS. We will be comparing the user behavior in the days and weeks leading up to the merge and determine whether there are any major changes in wallets activity.

This dashboard will be divided into three sections: NFT Wallets, ETH Swapping Wallets, ETH Staking Wallets.

• The metrics above show the daily active NFT wallets on Ethereum over the past 60 days.
• As can be seen, there were no major increase or decrease in NFT wallets over the past 60 days.
• There are around 45k to 60k total active NFT wallets on most of the days.
• Nonetheless, there was a declining trend in NFT buyers and sellers one week prior to the merge.
• The number of NFT buyers went from 23.88k on September 8th to 18.13k on September 14th.
• However, the buyers & sellers saw a recovery few days after the merge and have remained above 20k daily.

• The metrics above show the daily active ETH swapping wallets over the past 60 days.
• From the graph above, we can see that the number of ETH swappers were slowly diminishing one month prior to the merge.
• There were 62k ETH swappers on August 19th and it hit a low on September 4th with only 46.79k swappers.
• The decrease in wallets buying ETH might be related to users being less eager to acquire additional ETH due to the risk of a failed merger.
• On the other hand, users are not selling ETH due to the airdrop of the Forked ETH PoW token.

Conclusion

1. NFT wallets:

   • NFT wallets showed no substantial increase or decrease before and after the merge.

   • However, there was a minor declining trend one week prior to the merge and quickly recovered few days after the merge.

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2. ETH swapping wallets:

   • One month before the merge, the number of daily ETH swappers was gradually decreasing.

   • This may be as a result of users being less inclined to buy more ETH given the possibility of a failed merger.

   • Moreover, because the Forked ETH PoW token was given away as an airdrop at a ratio of 1:1, users are not selling ETH.

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3. ETH staking Wallets:
   • After the merge, there was a dramatic increase in the number of daily ETH stakers on Lido.
   • The highest single day in number of stakers occurred on the second day of the merge, with 705 unique stakers.
   • The amount of ETH staked skyrocketed after the merge.

• The metrics above show the daily ETH amount staked and stakers on Lido over the past 60 days.
• Despite the fact that there were no significant changes in NFT & ETH swapping wallets, we can observe that the number of daily ETH stakers on Lido saw a massive increase after the merge.
• The number of ETH stakers peaked during the second day of the merge on September 16th with 705 unique wallets, making it the highest total stakers in a single day over the past 60 days.
• Furthermore, the amount of ETH staked on Lido spiked considerably after the merge.
• There were less than 1.8k ETH staked in a day prior to the merge. However, more than 2.1k ETH were staked during the day of the merge and 9.33k ETH were staked on September 20th.

Approach

1. Table Used: ethereum.core.ez_nft_sales, ethereum.core.ez_dex_swaps, ethereum.core.ez_eth_transfers
2. Ethereum Merge occurred on the 15th of September. Hence, we will be analysing the wallet behaviour over the past 60 days.
3. NFT metrics will only contain NFT sales data; event types such as bidding will be excluded.
4. Swap metrics only accounts for ETH & WETH swaps.

NFT Wallets

Swapping ETH Wallets

Staking ETH Wallets