Try Quests to earn cryptoAlgorand Fees 2022
Outline
For this question, we are taking a look at the transaction fees and their trends paid by the Algorand users. Algorand network was able to absorb many active platforms because of its low fee price.
This question has three parts:
- Accumulated transaction cost per day since the beginning of 2022
- Accounts with the most number of transactions and highest fees paid
- Total transaction cost paid by the Algorand users, since the beginning of 2022
Accumulated Transaction Cost per Day
The plot on the right shows accumulated transaction cost/fees per day since the beginning of 2022.
Our observations:
- The general trend of the accumulated cost is downward. The reason could be the market crash of the past few months.
- The highest accumulated cost was paid on January 7, 2022, totaling about 6,000 ALGOs.
- There are also a few spike periods, e.g. the end of January, February 16-20 and May 5-12. This can be the result of both market crash/panic and campaigns.
Account with the Most Number of Transactions
Next, we want to analyze the top 10 wallets that performed the most number of transactions. The table on the right shows the these top 10 wallets, along with their number of transactions.
Our observations:
- We can see that the wallet with the highest number of transactions, performed 124 Million transactions, since the beginning of 2022! This is almost 4 time the number of the seconds place wallet.
- The second and the third place executed 37.5 and 20 Million transactions, respectively.
- From the 4th wallet onward, the number suddenly drops to 2 Million transactions and below.
The following plot also shows the transaction-share of these 10 wallets among one another. We can see that if we only consider the transactions of the top 10 wallets, the number one wallet is responsible for 64.2% of the transactions! The second and the third place have 19.4% and 10.3% of the transactions, respectively.
Account with the Highest Fees Paid
We also analyzed the accumulated fees paid by the top 10 wallets.
Our observations:
- The biggest wallet paid about 124,000 ALGOs, since the beginning of 2022.
- Again, the difference between the biggest wallet and the rest is very large. Also, the top 4 wallets paid more than 20,000 ALGOs for their transactions, while the 5th and the rest of the biggest wallets paid about 2,400 or less ALGOs.
The following figure shows the market-share of each of the wallets among themselves. We can see that the biggest wallet paid more that 44% of the transaction fees if we only consider the top 10 wallets’ transactions.
It is worth mentioning that the top 3 wallets are responsible for 88.5% of the transaction fees among the top 10 wallets.
Total Transaction Fees Paid
Finally, we take a look at the total transaction cost paid by the users in the Algorand network, since the beginning of 2022.
We have found that about 411,000 ALGOs was paid during this time. This means that the top wallet of the previous section was responsible for about 25% of the whole network.
Conclusions
- We have found that the Algorand network’s accumulated transaction fee declined, same as the whole market.
- The are a few whales/cex that are responsible for the majority of Algorand transactions and their fees.
- About 411,000 ALGOs were paid by the users of Algorand for transaction fees since the beginning of 2022.
