The recent low volatility has caused the IV of ETH's major maturities to be close to the historical lowest level. After the Shanghai upgrade, ETH's IV fell below the low support of around 60%, and has fallen all the way to above 30% at present. The short- and medium-term IV has fallen by half. Moreover, it is no longer basically stable at the current level, and even some larger fluctuations cannot pull it up. In a sense, the Shanghai upgrade killed the volatility of ETH.