Data from AnalytEx indicates that Ethereum activity declined in August. However, the success of the Merge event should allow network activity to rally.
AnalytEx on pre-merger Ethereum
Following The Merge, data from AnalytEx showed that the user activity index on Ethereum Chain was 53 as of September 17. The activity index provides insight into user activity on Ethereum. It is calculated by a combination of factors, including active wallets on the network, gas fees for transactions, and other transaction statistics. A score of 53 indicates moderate user activity on the channel.
A recent report by Decentralized finance (DeFi) Analytics platform AnalytEx examined the performance of the Ethereum network in August before the merger, which was successfully executed on September 15.
AnalytEx is part of the suite of products offered by the blockchain security company HashEx.
Let’s take a look at some of August’s findings on Ethereum:
Total number of transactions
According to the report, in August, Ethereum recorded 34.9 million transactions in total. Average daily transactions on the network stood at 1.1 million. Uncertainty surrounding the outcome of The Merge led to a 6% drop in transactions on the network in August.
So far in September, 18.9 million transactions have been completed on Ethereum.
Ethereum block statistics
According to the AnalytEx report, in August the average number of blocks issued daily on Ethereum fell by 2.1%. The average number of blocks created per day was 6,332. The total block size, however, increased by 2% over the month.
Since early September, an average of 6,300 blocks have been created per day on Ethereum.
The report looked at the average price of gas paid to process transactions on Ethereum in August and found a 31.8% drop in gas fees on the network. According to AnalytEx, the average fee paid for transactions on Ethereum in August was 18.31 GWEI. This is a direct result of the drop in the number of transactions on the network in August.
According to AnalytEx, the average gas fee for processing transactions on Ethereum was 18.2 GWEI at press time in September.
AnalytEx on Ethereum post-merger
It is no longer news that the transition of the Ethereum network to a Proof of Stake (PoS) consensus mechanism has been a success. According to data from Nansen, there are 431,000 unique validators on the PoS network. Since the merger, the participation rate of these validators is 98%, data from glass knot shows.
Data from TagScan shows that the epochs finalized on the PoS network were 147,579 at the time of publication (with 32 blocks making up an epoch). As for revenue paid out to validators on the Ethereum mainnet, the average daily revenue as of September 17 was 0.003741 ETH (just over $5).
Since The Merge, 147,581 out of 147,582 epochs have been finalized. The number of missed blocks has also decreased, indicating that there is little cause for concern. With steady growth in the rise in ETH staked across the network, the Ethereum merger looks set to become one of the most successful upgrades in the history of blockchain technology.