Ethereum Analysis: Block Production Sees Sharp Uptick After The Merge (ETH Analysis for October 2022)

Key Data:

• The average number of Ethereum daily transactions decreased, but only marginally
• The average number of Ethereum blocks per day increased by 7.38% because of the Merge
• The number of blocks per day and the block size are continuing to increase because of the Merge
• The average Ethereum gas price increased by 31.25% in October because of the chain activity
• The number of ERC-20 tokens created in the Ethereum network in October increased by 33.4%
• In October, the average number of unique active crypto wallets per day, as well as the average number of daily active smart contracts, decreased by 7.37% and 4.63%, respectively

Ethereum Analysis for October 2022

We are taking a look at various Ethereum (ETH) stats for the month of October to see how the world’s largest smart contract platform has performed in the aftermath of September’s transition from the Proof-of-Work (PoW) to Proof-of-Stake (PoS) consensus mechanism, widely referred to as the Merge. Here’s the ETH analysis for October 2022:

Ethereum activity index

The Ethereum activity index shows the activity of users on the Ethereum network. It is calculated automatically based on a combination of several factors, such as active wallets on the network, gas used, and transaction statistics.

Ethereum activity historical chart.

The average indicator is bigger than in September in General. In October, the index showed an average of 51 points.

Ethereum activity index min and max values.

The minimum value was observed on October 30th and was 42 points. The maximum value was observed on September 10th and amounted to 60 points.

Ethereum statistics: No significant change in ETH transactions

In September, the total number of Ethereum transactions was 33,741,733, with an average daily volume of 1,124,724 transactions. The number of Ethereum transactions in October was 34,122,532, with an average daily volume of 1,100,726 transactions. Compared to September, the average number of transactions per day in October decreased by 0.28%, continuing the bear trend. The chart below shows that the market is moving sideways in anticipation of a denouement.

The average number of Ethereum transactions per day.

The highest average number of transactions in October was made on the third, with a peak of 1,307,142 transactions. October is not distinguished by significant events and peaks, which reflects the full expectant position of market players.

Ethereum transactions peak (October 2022).

Ethereum block statistics: A +7.38% increase after the Merge

The Average number of Ethereum blocks per day increased by 7.38% because of the Merge.

The number of blocks per day and the block size are continuing to increase because of the Merge.

In October, the Ethereum Average Number of Blocks Per Day chart shows an increase of 7.38% in the average number of blocks per day. The average number of Ethereum blocks per day in September was 6,665, and the average number of Ethereum blocks in October was 7,157.

The average number of Ethereum blocks per day in September 2022.

The number of blocks per day increased on September 15, after the transition of Ethereum to the Proof of Stake system, and in October, it is stable at 7,157 blocks on average, which can be clearly seen in the chart below.

Ethereum blocks per day in October 2022.

In September, the average block size was 0.49 GB. In October, this value was 0.50 GB. The average size of blocks mined per day increased by 2.04%.

Ethereum average daily block size.

The Eth Total Block Size Per Month, Gb chart shows that the total block size in September was 14.57 GB. In October, it was 15.4 GB. The value has increased by 5.7%.

Ethereum total block size per month.

Ethereum gas prices statistics: +31% MoM gwei growth

The average Ethereum gas price increased by 31.25% in October because of the chain activity, leading to a significant increase in the cost of transaction fees.

Case in point, in October, the average Ethereum gas price was 22.47 gwei. In September, it was 17.12 gwei. The gas price increased by 31.25%.

Ethereum average gas price per month.

In October, the price increased in spite of the transition to Ethereum 2.0. It means that the chain activity increased significantly. The minimum value of the gas price in October was recorded on the 2nd and was 8.48 gwei. This is the lowest recorded price of gas in the last seven months. The maximum value was recorded on the 10th and was 37.58 gwei.

Ethereum average gas price per day in October 2022.

Ethereum smart contracts statistics: +33% increase in the number of new smart contracts

The number of ERC-20 tokens created in the Ethereum network in October increased by 33.4%.

The number of ERC-20 tokens created on the Ethereum network in October was 14,295. In September, this figure was 10,714. It increased by 33.4%.

Ethereum active addresses statistics: A decrease in active crypto wallets

In October, the average number of unique active crypto wallets per day, as well as the average number of daily active smart contracts, decreased by 7.37% and 4.63%, respectively.

In September, the average number of unique active crypto wallets per day in the Ethereum blockchain was 465,072. In October, this figure was 430,783, for a monthly decrease of 7.37%.

Ethereum average number of daily active wallets.

A similar situation is observed with the average number of daily active smart contracts. This value in September was 25,294. It decreased by 4.63% and was 24,123 in October.

Ethereum average number of daily active smart contracts.

Data-driven conclusions: Encouraging Ethereum stats after the Merge

The October Ethereum analysis continues to reflect the impact of the Ethereum blockchain transition to a Proof of Stake system. Thus, the number of blocks per day has increased, as well as their size. At the same time, the activity of the network as a whole increased, as the price of gas increased despite the fundamental decline in the price of gas after the Merge.

The number of new smart contracts on the Ethereum network has also grown — this is a good sign. However, the number of active wallets and smart contracts continues to decline. This means that only the most persistent remain on the market, and the activity of specific users is growing day by day, which can positively affect the market, which is simply tired of looking down.

Ethereum’s price saw mostly sideways movement during October, with ETH/USD trading flat for the better part of the month. However, it is worth noting that ETH’s price saw a significant move to the top in the final week of October, reaching a peak of $1,640 on October 29. At press time, the market capitalization of Ethereum stands at roughly $198 billion.

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