JPMorgan Chase: Ethereum Shanghai upgrade has less than expected effect on promoting network activity

Odaily Planet Daily News JPMorgan Chase pointed out in a research report on Thursday that the Ethereum Shanghai upgrade implemented in April did not promote network activity as expected. The report pointed out that since the Shanghai upgrade, the number of daily transactions on Ethereum has dropped by 12%, the number of daily active addresses has dropped by nearly 20%, and the DeFi protocol TVL has dropped by nearly 8%. Furthermore, the decline in network activity suggests that the “bearish forces” of the past year, including the collapse of Terra and FTX, a crackdown by U.S. regulators, and the shrinking stablecoin market, may have outweighed the positive impact of the Shanghai upgrade. The report also adds that while staking has grown by 50% since the Shanghai upgrade, which has helped improve network security, “the share of liquidity staking protocols such as Lido remains disturbingly high, raising questions about centralization ." (CoinDesk)