Flipside's World Cup Kick Off: Gas Guzzlers
A gas tracking dashboard that looks at gas usage by a chain over the last couple of months
Key Takeaways
- In the past month, Users paid the highest transaction on ethereum. This itself makes up about 95% of all the transaction fees collected across the top 8 chains.
- The average fee per transaction for ethereum is 3.5 USD,On the other hand, Flow had an average transaction fee of 0.0022 USD per transaction making it among the cheapest.
- The fees spent over time peaked during November week 2, this can be attributed to the increased activity of transfers because of the FTX saga.
- The percentage of total fees that has been wasted on failed transaction is the highest for solana. Where almost 25% of the fee collected is because of the failed transactions.
- There appears to be no relation between the number of transaction and average price of ether.
- Ethereum had the highest fee per block, extremely lucrative to run a node. (533 $ per block)
- CEX among the highest gas payers.
- All the top transaction payers come from ethereum.
Introduction
A gas fee is a blockchain transaction fee, paid to network validators for their services to the blockchain. Without the fees, there would be no incentive for anyone to stake their ETH and help secure the network.
The gas fee is a blockchain transaction fee, paid to network validators for their services to the blockchain. Without the fees, there would be no incentive for anyone to stake (PoS Networks) or mine (PoW Networks) and help secure the network.
A gas fee is a blockchain transaction fee, paid to network validators for their services to the blockchain. Without the fees, there would be no incentive for anyone to stake their ETH and help secure the network.
Code for “tx_fee per 1 Miliion USD transferred “ taken from marqu:
Twitter link:
Section In this Dashboard
- Overall analysis
- Ethereum
- Solana
- Near
- FLOW
- Polygon
- Optimism
- Algorand
- Osmosis
Objective
create a gas tracking dashboard that looks at gas usage by a chain over the last couple of months. Include Ethereum, Solana, Algorand, Flow, NEAR, Optimism, Polygon and Osmosis.
- Total amount USD of gas spent on the chain in the last 30 days.
- Average cost of gas in USD per $1,000,000 of liquidity transferred on each chain 30 days
- Average block gas price hourly and daily
- The top 10 addresses on each chain that spend the most on gas in the past month
- Daily amount spent on gas by chain tracked over the last 30 days
- Chart gas spend to network token price
- Gas price relation with number of transactions
- Transaction paid for failed transaction
Overall analysis
Ethereum
Observation
- The daily number of transactions appears to slightly increase because of the FTX saga, other than that the daily number of transaction remains constant.
- A total of 115 Million USD were collected through txn_fees.
- Surprisingly, There appears to be no relation between the number of transaction and average price of ether. While the number of transactions increased in the last few days, the price has reduced. Is it because of pice speculation dictating the market ?.
- 533 $ per block. Man, that’s huge amount of fees.
- Uniswap’s contracts are gas guzzlers, took up about 25% of the overall gas.
- CEX among the highest gas payers.
Solana
Observation
- The daily number of transactions appears to slightly increase because of the FTX saga, other than that the daily number of transaction remains constant.
- A total of 192 thousand USD were collected through txn_fees.
- Post FTX saga, the price has been in free fall irrespective of the number of transactions.
- As expected, the number of solana blocks are huge, 5 M blocks in the last month alone. They generated a total of 192k USD with an average of 3 cents per block.
Near
Observation
- A total of 65 thousand USD were collected through txn_fees.
- Post FTX saga, the price has been reducing considerably irrespective of the number of transactions.
- The number of near blocks are 3 M in the last month alone. They generated a total of 65k USD with an average of 3 cents per block.
- More than relay.aurora, a bridge. sweat coin’s oracle spent the most money on transaction. Something i didnt expect.
Flow
Observation
- The daily number of transactions appears to have been volatile the entire month. Hovering around 1 M transactions a day.
- A total of 691 USD were collected through txn_fees.
- Surprisingly, There appears to be a relation between the number of transaction and average price of ether until the FTX saga occurred. Post the episode, the price of flow reduced while the number of transaction kept hovering around 1 M.
- 1.8 Million Blocks in the last month, 650 USD in tx_fee making it 0.003 $ for each block, dirt cheap.
Polygon
Observation
- The daily number of transactions appears to get a small increase because of the FTX saga, other than that the daily number of transaction remains constant (about 2.5 million).
- A total of 3.4 Million USD were collected through txn_fees.
- Surprisingly, There appears to be a relation between the number of transaction and average price of ether until the FTX saga occurred. Post the episode, the price of flow reduced while the number of transaction kept hovering around 1 M.
- 2.87 USD per block with 1.175 Million blocks in the last month alone, not bad.
Optimism
Observation
- Increasing trend of daily transaction seen. Around 8.8 Million transactions made in the last month with around 0.3 Million a day. A fraction of ethereum transactions.
- A total of 1.641 Million USD were collected through txn_fees.
- Surprisingly, There appears to be a relation between the number of transaction and average price of ether until the FTX saga occurred.
- In the past month, 8.8 Million blocks were minted and the average fee collected is 0.2 USD per block.
Algorand
Observation
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What ?, It appears that algo is among the only chain that did not witness a significant jump in transaction post FTX. This is a good thing.
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Among the top spenders was a cex bitfinix. the only among the CEX. Do algo users prefer to use bitfinix more ?
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A total of 16.97 Million USD were collected through txn_fees.
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Surprisingly, There appears to be no relation between the number of transaction and average price of token. The price increased/decreased while the number of transactions remained close to same.
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In the past month, 0.7 Million blocks were minted and the average fee collected is 0.02 USD per block.
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Osmosis
Conclusion
- In the past month, Users paid the highest transaction on ethereum. This itself makes up about 95% of all the transaction fees collected across the top 8 chains.
- The average fee per transaction for ethereum is 3.5 USD,On the other hand, Flow had an average transaction fee of 0.0022 USD per transaction making it among the cheapest.
- The fees spent over time peaked during November week 2, this can be attributed to the increased activity of transfers because of the FTX saga.
- The percentage of total fees that has been wasted on failed transaction is the highest for solana. Where almost 25% of the fee collected is because of the failed transactions.
- There appears to be no relation between the number of transaction and average price of ether.
- Ethereum had the highest fee per block, extremely lucrative to run a node. (533 $ per block)
- CEX among the highest gas payers.
Observation
- In the past month, Users paid the highest transaction on ethereum. ( they paid around 120 Million USD as transaction fee ) on ethereum. This itself makes up about 95% of all the transaction fees collected across the top 8 chains.
- The average fee per transaction for ethereum is 3.5 USD which is the highest by a large margin. On the other hand, Flow had an average transaction fee of 0.0022 USD per transaction making it among the cheapest. Even cheaper than solana which comes second on affordability.
- The fees spent over time peaked during November 2 week, this can be attributed to the increased activity of transfers because of the FTX saga.
- Ethereum users paid the highest transaction fee to move 1 Million USD when compared to other chain. Surprisingly, it is solana that had the lowest fee to move 1 Million USD.
- The percentage of total fees that has been wasted on failed transaction is the highest for solana. Where almost 25% of the fee collected is because of the failed transactions.
Glossary
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Gas refers to the unit that measures the amount of computational effort required to execute specific operations on the Ethereum network.
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Transaction fee is the amount charged by the validator to include the transaction in the block chain.
Note: while the transactions fees is equal to gas fees most of the time, it is not so always. The deviations occur during peak hours. However, to keep the analysis simple, we consider that transaction fees = gas fees and will also use them interchangeably
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Native token: Most of the chains use the underlying token as gas token. However, there may be some anomalies like optimism uses ether for transaction fees and not OP token.
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μ signifies pow(10,-6)
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