{"id":29487,"date":"2025-05-30T15:03:48","date_gmt":"2025-05-30T15:03:48","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=29487"},"modified":"2025-05-30T15:03:48","modified_gmt":"2025-05-30T15:03:48","slug":"ethereum-upgrades-have-failed-to-boost-network-activity-in-meaningful-way-jpmorgan","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=29487","title":{"rendered":"Ethereum Upgrades Have Failed to Boost Network Activity in Meaningful Way: JPMorgan"},"content":{"rendered":"<div>\n<p>The Ethereum blockchain has yet to see a significant increase in activity despite successive upgrades, investment bank JPMorgan (JPM) said in a research report.<\/p>\n<p>&#8220;Neither the number of daily transactions nor the number of active addresses saw a material increase post recent upgrades,&#8221; analysts led by Nikolaos Panigirtzoglou wrote in the Wednesday report.<\/p>\n<p>Still, <a href=\"https:\/\/www.coindesk.com\/learn\/why-tvl-matters-in-defi-total-value-locked-explained\">total value locked<\/a> (TVL) on Ethereum increased between the <a href=\"https:\/\/www.coindesk.com\/tech\/2024\/03\/13\/ethereum-activates-dencun-upgrade-in-landmark-move-to-reduce-data-fees\">Dencun<\/a> upgrade in March 2024 and <a href=\"https:\/\/www.coindesk.com\/tech\/2025\/05\/07\/ethereum-activates-pectra-upgrade-raising-max-stake-to-2048-eth\">Pectra<\/a> earlier this month, the bank noted, possibly due to increased lending and borrowing on <a href=\"https:\/\/www.coindesk.com\/learn\/what-is-a-dex-how-decentralized-crypto-exchanges-work\">decentralized exchanges<\/a> (DEXs), but the increase looks lower in dollar terms than in the blockchain&#8217;s ether ETH token.<\/p>\n<p>Ethereum activated the Pectra upgrade on May 7. The update aims to streamline staking, enhance wallet functionality and improve overall efficiency.<\/p>\n<p>Pectra makes the ETH token and Ethereum itself more appealing to institutions, the bank said. It distinguishes the network from competitors, but the upgrades haven&#8217;t boosted activity in a meaningful way.<\/p>\n<p>The bank noted that following the Dencun upgrade, both average and total fees fell, in part because of a shift toward <a href=\"https:\/\/www.coindesk.com\/learn\/what-are-layer-2s\">layer 2<\/a> chains.<\/p>\n<p>Ether&#8217;s circulating supply also increased after Dencun, which raised concerns about the crypto &#8220;becoming an inflationary asset amid subdued transaction activity,&#8221; JPMorgan said.<\/p>\n<p>Futures positioning suggests that institutions played a large role in the recent rally in ether, the report added. Ether has risen more than 45% in the past month, CoinDesk data show.<\/p>\n<p><strong><em>Read more: <a href=\"https:\/\/www.coindesk.com\/markets\/2025\/05\/29\/ether-only-crypto-major-in-green-xrp-muted-after-mammoth-treasury-plans\"><span style=\"text-decoration:underline\">Ether Only Crypto Major in Green, XRP Muted After Mammoth Treasury Plans<\/span><\/a><\/em><\/strong><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The Ethereum blockchain has yet to see a significant increase in activity despite successive upgrades, investment bank JPMorgan (JPM) said in a research report. &#8220;Neither the number of daily transactions nor the number of active addresses saw a material increase post recent upgrades,&#8221; analysts led by Nikolaos Panigirtzoglou wrote in the Wednesday report. Still, total [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-29487","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/29487","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=29487"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/29487\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=29487"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=29487"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=29487"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}