Ethereum since Shanghai is worse on at least a half dozen benchmarks
JPMorgan analyst Nikolaos Panigirtzoglou called Ethereum’s network activity levels since its Shanghai upgrade “disappointing.” Shanghai enabled withdrawals for Ethereum’s proof-of-stake validators. It activated on April 12 this year. Since that upgrade, Ethereum ’s market capitalization, daily transactions, daily active addresses, and DeFi total value locked (TVL) have all declined. To be precise, the market capitalization of Ethereum has declined 17% from $230 billion when Shanghai activated to $190 billion today, while daily transactions have dropped 14% from 1 million at activation to 860,000. Daily active wallet addresses on the Ethereum network also fell 19% from 438,000 to 351,000 while Ethereum’s total value locked (TVL) — a popular metric of the amount of money committed to so-called decentralized finance (DeFi) applications on a blockchain — declined 30% from $30 billion to $21 billion today. Ethereum-based NFTs have continued to fade in popularity. Tens ...