Ethereum Network Activity 'Rather Disappointing' After Shanghai Upgrade: JPMorgan
Portfolio Pulse from Murtuza Merchant
JPMorgan's recent research report indicates that the Shanghai upgrade for Ethereum hasn't spurred the anticipated surge in activity on the blockchain. Despite the transition from proof-of-work to proof-of-stake reducing Ethereum's energy consumption by over 99%, the expected uptick in network activity hasn't materialized. The bank's findings show a 12% decline in Ethereum's daily transactions, a nearly 20% drop in daily active addresses, and an almost 8% decrease in the total value locked in decentralized finance on the blockchain since the upgrade.
September 22, 2023 | 5:13 pm
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NEGATIVE IMPACT
Ethereum's Shanghai upgrade has not led to the expected increase in network activity, according to a report by JPMorgan.
The report by JPMorgan indicates that the Shanghai upgrade for Ethereum has not resulted in the expected increase in network activity. This could potentially impact investor sentiment and the price of Ethereum in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEUTRAL IMPACT
JPMorgan's research report indicates a disappointing performance of Ethereum's Shanghai upgrade.
JPMorgan's report on Ethereum's Shanghai upgrade could influence investor sentiment towards the bank's research and analysis capabilities. However, it's unlikely to have a significant impact on the bank's stock price.
CONFIDENCE 90
IMPORTANCE 60
RELEVANCE 80