Daily transactions, daily active addresses and total value locked on Ethereum have all fallen since the upgrade, the report said.
, and a shrinking stablecoin universe, have potentially outweighed the positive impact from the Shanghai upgrade, the bank said.
While staking has jumped by 50% since the Shanghai upgrade, which helps to improve network security, the “share of liquid staking protocols such as Lido remains uncomfortably high, raising questions about centralization,” the bank added.The Merge took place in September 2022 and involved transitioning from a more energy-intensive PoW to the PoS consensus mechanism. The Shanghai upgrade took place in April this year and enabled the withdrawal of staked ether .
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