Gas as a proxy of activity
Q89. How much did sushi users pay for gas in 2022? Is there a correlation with the price of ETH? Can you comment on the spikes in the chart?
Introduction
For this Bounty, I will look into how much gas fee has already been paid this year for SushiSwap. I will investigate what the amount of fees paid looks like on a daily (and weekly) basis - and will also look at the cumulative sums of gas fees in both ETH and USD paid in 2022 so far. Lastly, I will look into the price of ETH (by looking at the charts from CoinGecko and see if there is any correlation between the price of ETH and the fees paid.
Let's firstly look at the fees paid so far this year on a daily (and weekly) basis.
We can see here that the gas fee paid on a daily basis spikes on a few days, such as most recently, on the 11th of May 2022. In the last part of this dashboard, I will look into the price of ETH in order to try to understand the reason behind this spike.
I have also decided to try using the date_filter here, which allows you to automatically re-plot the graphs to see the daily, weekly and monthly behaviour of the trends.
The two values are based upon summing the daily gas fees paid so far this year. We can see that almost 8k of ETH has been paid, which translates to 22.69M $! That's a lot of money spent on gas!
Lastly, let's look at how the price of ETH has been changing this year so far and how this compares with the spikes of gas paid that I mentioned above.
I have decided to get the graphs from CoinGecko as I could not get them directly from Flispisde - I was only able to find the price of stETH and WETH past 2021 on here, but not the price of just ETH.
Firstly, we can see that the price of ETH has been going downhill for the past few months - the fact that we are in a bear market does not help in its recovery... We can also see that the price of ETH has increased from $2250 on May 10th to $2345 on May 11th - during the time when there was a big spike in the gas fees paid.
By looking the price even more closely during those days, I don't see any massive spikes in the price or demand for ETH - which does not explain why the gas fees have spiked so much.
Conclusion
This dashboard has looked into the amount of gas fees paid on SushiSwap so far this year. We have seen that the total amount of gas paid is quite large and totals almost 22.7M $. I have also looked into the daily price of ETH to see if there is any correlation, but by having a close look at the latest spike of gas fees paid, I did not see a direct link between the price and the amount of fees paid. Therefore, there must have been a different reason behind the gas fees paid having increased so much just on a single day.