Cosmos Fees
Overview of analysis:
In this dashboard, the GAS tracker on Cosmos has been developed. In this analysis, the various actions on Cosmos have been identified to find out the metrics related to the Gas usage.
This dashboard divided into the following parts:
- Determination of Fee on Cosmos (General and over time)
- Which actions are responsible for paid fee?
- Compare paid fee on Cosmos with Cosmos and Terra
Importance of fee on networks:
Cryptocurrency transaction fees were originally introduced as an anti-spam tool in Bitcoin, but today they have become one of the most fundamental features of the blockchain network. In the Ethereum blockchain, the fee of transactions is determined by a concept called Gas, which is a small fraction of the ETH digital currency. This blockchain offers more complex features than the Bitcoin blockchain, such as smart contracts and decentralized applications, so transaction fees on the Ethereum blockchain play a more important role in the survival of the network.
Currently, there are many blockchain projects, each charging different fees as cryptocurrency transaction fees. There is a simple rule regarding the determination of fees for transactions in blockchains, and that is "the higher the efficiency of the network, the lower the cost of transactions." Considering that some networks can only put a limited amount of data in each block, as a result, the work of miners or validators is limited to the number of transactions for which they have enough space.
When many users simultaneously send their cryptocurrency transaction requests to the network, the demand for block space increases and more transactions await confirmation. In some cases, the demand for block space becomes so high that the networks become congested and transaction fees increase dramatically for a period of time.
On the other hand, the larger the number of transactions in the network, the higher the value of these transactions, the higher the fee is defined for them.
Methodology:
The data provided by Flipside has been used to handle this analysis.
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Used table:
Cosmos .core.fact_transactions
for each blockchain has been utilized to handle this analysis -
Metrics:
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Total amount USD of gas spent on the Cosmos
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Average paid gas per block
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Weekly amount spent on gas on Osmosis
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Minimum, maximum and Median of gas usage in USD
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Average gas usage in USD per day
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The top 10 addresses on Osmosis that spend the most on gas
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Findings:
This part is the most important part of this investigation and used to determine the impact of each action on the paid fee on Cosmos network:
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The most popular action that responsible for the highest share of paid fee on this network is message event and the Transfer stand in the second rank with 16 and 12% of paid fee.
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The average paid fee for various sections demonstrated that the Proposal submission is very expensive than other actions and the write acknowledgement stands in the second rank.
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Findings:
Now its time to compare the paid fee on Cosmos with Osmosis and Terra blockchains:
- Among selected networks for comparison, the Cosmos network has the highest total and average paid fee compared to other networks.
- The Osmosis network is the cheapest network compared to other networks and the Cosmos is the most expensive one among selected chains.
- The overtime analysis reveals that the average paid fee in USD on various networks is dominated by Cosmos and the Terra is the second network with higher average paid fee.
- The weekly paid fee on Terra passed the Osmosis after start of 2023.
- As can be seen, the Cosmos blockchain has the highest paid fee in USD among selected networks.
- The paid fee and average fee per transaction are two of the most important factors that affected the tendency of users on blockchains and the Cosmos network is relatively one of the most suitable chains from paid fee point of view (looking at avg fee with 0.04$).
- Its not acceptable to compare the chains from total amounts point of view but the best way is to make comparison by average paid fee per transaction.
- With all cases reviewed, expensive blockchain to execute a transaction is Cosmos and the numbers related to transaction fee in USD are far larger than other chains.
Findings (dafault : 180 days back)
This part is used to estimate the paid fee on Cosmos network and draw a pattern about spending fee on this chain:
- The Total paid fee on Cosmos network was 3.41M$ so far.
- According to the results, the average paid fee per transactions on this network is about 0.4 USD.
- The highest weekly paid fee on Cosmos network happened on October 3, 2022 with 495k$. Also on that date the highest average paid fee per block occurred on that date too.
- The trend of average paid fee in USD decreased since October and then increased again since 2023.
- The list of the users who spend more than other users on Fee in the Cosmos network reveals that the wallet in the first rank spend more than 34M USD for fee ! in last 180 dats.