According to a report by Deep Tide TechFlow, JPMorgan's latest research report indicates that despite multiple network upgrades for Ethereum, there has been no significant increase in network activity. The report shows that both the daily transaction volume and the number of active addresses did not see substantial growth after the Dencun (March 2024) and Pectra (May 7, 2025) upgrades.
After the Dencun upgrade, the average and total transaction fees on Ethereum have decreased, partly due to users migrating to Layer 2 solutions. At the same time, the circulating supply of ETH has increased, raising concerns that it may become an 'inflationary asset.'
