Diesen Artikel teilen
Ethereum’s Shanghai Upgrade Has Been ‘Disappointing,’ JPMorgan Says
Daily transactions, daily active addresses and total value locked on Ethereum have all fallen since the upgrade, according to a report.
Ethereum's Shanghai upgrade, implemented in April, does not appear to have increased activity on the world's largest smart contract blockchain as many had hoped for, JPMorgan (JPM) said in a research report Thursday.
“While the shift from proof-of-work (PoW) to proof-of-stake (PoS) that resulted from the Merge upgrade meant that the energy consumption for the Ethereum network collapsed by more than 99%, the ether supply is shrinking and staking rose sharply, the increase in network activity has been rather disappointing,” analysts led by Nikolaos Panigirtzoglou wrote.
STORY CONTINUES BELOW
Verpassen Sie keine weitere Geschichte.Abonnieren Sie noch heute den Crypto Daybook Americas Newsletter. Alle Newsletter ansehen
The bank notes that Ethereum's daily transactions count has fallen 12% since the Shanghai upgrade, daily active addresses have dropped nearly 20%, and the total value locked (TVL) in decentralized finance (DeFi) on the blockchain has slumped almost 8%.
The fall in network activity suggests that the “bearish forces” of the past year, which include the collapse of Terra and FTX, the U.S. regulatory crackdown, 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 (stETH). DeFi is an umbrella term used for lending, trading and other financial activities carried out on a blockchain. TVL is the total value of crypto assets deposited in a DeFi protocol.
There is more hope of a material increase in the Ethereum network activity with the upcoming EIP-4844 upgrade or Protodanksharding, the report added, but “continued bearish crypto forces remain a headwind.”
The Ethereum Improvement Proposal (EIP)-4844, or Protodanksharding, is planned for the fourth quarter of this year.
Read more: Ether Crops to 14-Month Low Against Bitcoin as Vitalik Buterin, Whales Send
Mehr für Sie
Was Sie wissen sollten:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Ethereum’s P2P Layer Is Improving Just as Institutional ETH Buys Pick Up
Early PeerDAS performance is proof that the Ethereum Foundation can now ship complex networking improvements at scale.
What to know:
- Ethereum co-founder Vitalik Buterin said that the network is addressing its lack of peer-to-peer networking expertise, highlighting the progress of PeerDAS.
- PeerDAS, a prototype for Data Availability Sampling, is crucial for Ethereum's scalability and decentralization through sharding.
- BitMine Immersion Technologies has significantly increased its Ethereum holdings, viewing it as a strategic investment in the network's future scaling capabilities.
Top Stories
