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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