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Analysis: After Cancun upgrade, ETH burn decreased by 84% compared to before the upgrade, and Ethereum revenue decreased by 69%.

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2024-08-22 03:15:09
Galaxy Digital released a research report analyzing the impact of blobs on Layer2 and Ethereum during the 150 days of the Cancun upgrade. Key observations include:
Ethereum revenue and ETH supply burn were both significantly reduced, with total revenue 69% lower than the average of the 150 days before the upgrade, and ETH burn 84% lower than the average of the 150 days before the upgrade.
The profit margin of Layer2 has improved, the profit margin of Optimism type has increased from 22.65% to 92.3%, and the profit margin of ZK type has increased from 27.27% to 66.7%.
Layer2 operating costs decreased significantly, from $1.07 million per day to $556,400.
Transaction activity and failure rates have both increased significantly, or due to an increase in bot activity.
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