PANews reported on May 20 that Glassnode posted on the X platform that Ethereum's Pectra upgrade has not yet translated into a surge in network participation. Since the upgrade, the average number of new addresses and reactivated addresses have both declined compared to the year-to-date values (down 1.8% and 8.4%, respectively), but the user churn rate has also decreased significantly (down 8.5%). The Pectra upgrade has not yet attracted new or returning users - but the user churn rate has decreased. Whether this reflects the effect of the network upgrade or a broader cyclical trend remains to be seen.