2022 Retrospective

Let’s explore some key indicators of the health of the Web3 industry.

Project ETH supply growth for 2023 by using various average gas prices.
What is the highest value DEX swap, by protocol?
Where was there the most DEX swaps by protocol?
Which were the highest gas consuming NFT mints?

Definitions

Trasaction Fee

In order to be considered a successful and valid transfer, every cryptocurrency transaction must be added to the blockchain, the official public ledger of all completed transactions.

This vital work requires computational energy provided by miners, powerful computers that make up a portion of the network and confirm its transactions. The ongoing computing by miners to validate and confirm transactions on the blockchain network gives the network many of its special, decentralized properties. Simply put, it would not nor could not exist without them.

Miners get financially rewarded for the vast amounts of computing power and energy they expend supporting the network. With every block (a collection of transactions) added to the blockchain comes a bounty called a block reward, as well as all fees sent with the transactions that were confirmed and included in the block. [1],[2]

GAS Price

Gas is essential to the Ethereum and Polygon network. It is the fuel that allows it to operate, in the same way, that a car needs gasoline to run. Gas refers to the unit that measures the amount of computational effort required to execute specific operations on the network.

Since each transaction requires computational resources to execute, each transaction requires a fee. Gas refers to the fee required to conduct a transaction on netwoek succ

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Transaction

An blockchain transaction refers to an action initiated by an externally-owned account, in other words an account managed by a human, not a contract. For example, if Bob sends Alice 1 ETH, Bob's account must be debited and Alice's must be credited. This state-changing action takes place within a transaction.[4]

Gas limit

It refers to the maximum amount of gas (or energy) that you're willing to spend on a particular transaction. A higher gas limit means that you must do more work to execute a transaction using ETH or a smart contract.[5]

Gas Used

that's actual amount of Gas that was used during execution. Sometimes it's hard to predict how much Gas transaction will cost, so the actual cost of transaction is computed afterwards. Sender is charged for used Gas and the difference is returned to the sender.[6]

Gas Rate

The ratio of gas used to gas limit.[7]

The closer this ratio is to one, it will indicate the more accurate calculation of the gas limit, and as a result, gas used.

NFT Minting FEEs

Battle of Swap Platform

Observations

Looking at the results obtained , the daily average fee for NFT minting has been in 0.001 - 0.05 $ETH . the day with most of fees generated was February 23 with 273k ETH or 722M $.
the collection with most of fees generated in minting was Tubby Cats with 261 k ETH . the collection in the second rank was The Otherside with 1

Web3

Web3 (also known as Web 3.0[1][2][3]) is an idea for a new iteration of the World Wide Web which incorporates concepts such as decentralization, blockchain technologies, and token-based economics.[4] Some technologists and journalists have contrasted it with Web 2.0, wherein they say data and content are centralized in a small group of companies sometimes referred to as "Big Tech".[5] The term "Web3" was coined in 2014 by Ethereum co-founder Gavin Wood, and the idea gained interest in 2021 from cryptocurrency enthusiasts, large technology companies, and venture capital firms.[5][6]

Commentators associated with the Open Rights Group argue that Web3 will provide increased data security, scalability, and privacy for users and combat the influence of large technology companies.[7] They also raise concerns about the decentralized web component of Web3, citing the potential for low moderation and the proliferation of harmful content.[7] Some have expressed concerns over the centralization of wealth to a small group of investors and individuals,[8] or a loss of privacy due to more expansive data collection.[9] Others, such as Elon Musk and Jack Dorsey, have argued that Web3 only serves as a buzzword or marketing term.[