JPMorgan says Ethereum’s activity post-Shanghai upgrade has been ‘disappointing’ | Headlines | News | CoinMarketCap
09/22/2023 17:32
Ethereum has fallen short of expectations in terms of network activity following the Shanghai upgrade implemented in April, according to JPMorgan. …
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Published on September 22, 2023 10:21 GMT+00:00edited on September 22, 2023 10:24 GMT+00:00
Ethereum has fallen short of expectations in terms of network activity following the Shanghai upgrade implemented in April, according to JPMorgan.
"While the shift from proof-of-work to proof-of-stake that resulted from the Merge upgrade meant that the energy consumption for the Ethereum network collapsed by more than 99%, the Ethereum supply is shrinking and staking rose sharply (with the amount of ether staked up by 50% since the Shanghai upgrade), the increase in network activity has been rather disappointing," JPMorgan analysts led by Nikolaos Panigirtzoglou wrote in a note on Thursday.
Ethereum's daily transactions, daily active addresses and total value locked (TVL) of decentralized finance (DeFi) protocols on the network have all experienced declines, the analysts noted.
A …