JPMorgan: The Ethereum Shanghai upgrade's impact on network activity is less than expected

ChainCatcher message, JPMorgan recently pointed out in a research report that the Ethereum Shanghai upgrade implemented in April has not boosted network activity as expected. The report indicates that since the Shanghai upgrade, Ethereum's daily transaction volume has decreased by 12%, daily active addresses have dropped by nearly 20%, and the total locked value (TVL) of DeFi protocols has fallen by nearly 8%.

Moreover, the decline in network activity suggests that the "bearish forces" over the past year, including the collapses of Terra and FTX, the crackdown by U.S. regulators, and the shrinkage of stablecoin issuance, may have outweighed the positive effects of the Shanghai upgrade.