Despite The Merge, Ethereum’s On-Chain Activity Remained Substantially Unchanged
AnalytEx reveals that the switch to the proof of stake didn’t change the general trend of decreasing network activity from month to month.
Despite the long-awaited merged and switched to the proof of stake system, the activity of users on the Ethereum network in September has remained substantially unchanged from the previous month, according to data from Ethereum activity index by AnalytEx.
Based on the report, the total number of Ethereum transactions recorded in September was 33,741,733, with average daily volume of 1,124,724 transactions, while in August was 34,908,242 with an average daily volume of 1,126,072 transactions. Compared to August, the average number of transactions per day in September decreased by only 0.1% reflecting the market's waiting position. Also, the number of transactions in August and September almost completely coincide with the same values in April and May of the current year.
On average, Ethereum’s activity index in September was 48, with a maximum value of 55 points observed on September 15th and a minimum value of 43 points observed on September 11th.
The data shows that the highest average number of transactions in September was made on the 15th, 16th, and 17th, with a peak of 1,322,077 transactions. Such activity is associated with the transition of Ethereum to the proof of stake system and the activity of traders. At the same time, the number of blocks per day increased significantly on September 15 and by almost 17% after the Merge.
In conclusion, Ethereum merged and switched to the proof of stake system led to an increase in user activity, but “even such a major event could not reverse the general trend of decreasing network activity from month to month,” the report highlights.