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JP Morgan: Ethereum Did Not Deliver the Expected Result! The latest report by JPMorgan claims that Ethereum’s Shanghai upgrade, implemented in April, did not trigger the expected increase in activity. JPMorgan’s analysts note that Ethereum significantly reduced its energy consumption following the Merge upgrade, transitioning from Proof of Work (PoW) to Proof of Stake (PoS). This can certainly be considered a positive development.
However, a team of JPMorgan analysts led by Nikolaos Panigirtzoglou saw a disappointing trend in the measurements of the Ethereum network after the Shanghai upgrade. According to the report, Ethereum’s daily transaction count decreased by 12%, and daily active addresses declined by nearly 20%.
Additionally, the total value locked (TVL) in decentralized finance (DeFi) on the blockchain decreased by almost 8%. According to JPMorgan, last year’s downturn factors, such as the crashes of platforms like Terra and FTX, U.S. regulatory pressure, and a narrowing stablecoin ecosystem, could outweigh the positive impacts of the Shanghai upgrade. In conclusion, JP Morgan stated, “Ethereum Did Not Deliver the Expected Result!”
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The upgrade aimed at enhancing network security led to a 50% increase in staking rates. However, the presence of major players such as liquid staking protocols raised concerns about centralization. It’s safe to say Ethereum still has some challenges ahead.
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