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 JPMorgan analyst Nikolaos Panigirtzoglou called Ethereum’s network activity levels since its Shanghai upgrade “disappointing.” Shanghai enabled withdrawals for Ethereum’s proof-of-stake validators. It activated on April 12 this year. 
 Since that upgrade, <a rel="dofollow" title="Ethereum" href="https://thebittimes.com/tag/ethereum.html">Ethereum</a>’s market capitalization, daily transactions, daily active addresses, and DeFi total value locked (TVL) have all declined. 
 To be precise, the market capitalization of <a rel="dofollow" title="Ethereum" href="https://thebittimes.com/tag/ethereum.html">Ethereum</a> has declined 17% from $230 billion when <a rel="dofollow" title="Shanghai" href="https://thebittimes.com/tag/shanghai.html">Shanghai</a> activated to $190 billion today, while daily transactions have dropped 14% from 1 million at activation to 860,000. 
 Daily active wallet addresses on the Ethereum network also fell 19% from 438,000 to 351,000 while Ethereum’s total value locked (TVL) — a popular metric of the amount of money committed to so-called decentralized finance (DeFi) applications on a blockchain — declined 30% from $30 billion to $21 billion today. 
 Ethereum-based NFTs have continued to fade in popularity. Tens of thousands of such collections now have lost 100% of their value, with a floor price of $0. 
 Ethereum DEX volumes have declined 70% from $1.5 billion from Shanghai activation day to $446 million today. 
 Read more: Ethereum limits full Shanghai withdrawals for 18 months 
 <h2 class="wp-block-heading" id="h-roll-ups-are-a-silver-lining-since-ethereum-shanghai">Roll-ups are a silver lining since Ethereum Shanghai</h2> 
 Despite these disappointments, there were a few areas of Ethereum’s ecosystem that grew. Three major roll-ups launched this year — Arbitrum, Optimism, and Base — which attracted activity onto Ethereum Layer 2s. 
 <ul> 
 <li>Daily active validators have increased 46% from 561,000 in April to 818,000 today.</li> 
 <li>Staked ETH (staking ETH is required to activate a new validator) has grown 44% from 18 million in April to 26 million today.</li> 
 </ul> 
 JPMorgan analysts were disappointed in <a rel="dofollow" title="Ethereum" href="https://thebittimes.com/tag/ethereum.html">Ethereum</a>’s performance since the <a rel="dofollow" title="Shanghai" href="https://thebittimes.com/tag/shanghai.html">Shanghai</a> upgrade. Most investors agree, apparently, given <a rel="dofollow" title="Ethereum" href="https://thebittimes.com/tag/ethereum.html">Ethereum</a>’s loss of market capitalization. 
 Note: Figures rounded throughout to the nearest whole figure for readability. 
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Source: <a rel="dofollow" target="_blank" href="https://thebittimes.com/ethereum-since-shanghai-is-worse-on-at-least-a-half-dozen-benchmarks-tbt63890.html">https://thebittimes.com/ethereum-since-shanghai-is-worse-on-at-least-a-half-dozen-benchmarks-tbt63890.html</a>

Ethereum since Shanghai is worse on at least a half dozen benchmarks

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