Description of work

In this dashboard, we want to analyze the gas used by different chains in the last 30 days.

The analyzed chains are Ethereum, Optimism, Solana, Near, and Algorand.

This dashboard includes the following sections:

a - Definitions

1. Gas spent on different blockchains in USD in the last 30 days.
2. Gas spend in USD to network token price.
3. The top 10 addresses on each chain that spend the most on gas in the last 30 days.
4. Average block gas price hourly and daily
5. The average cost of gas in USD per $1M of liquidity transferred on each chain in the last 30 days
6. Conclusion

a - Definitions

What are gas fees?

The gas fee is a commonly used term for the cost that certain blockchain protocol users pay to network validators each time they wish to perform a function on the blockchain.

The gas serves as an incentive for network validators to record transactions accurately and behave honestly in the upkeep of the protocol.

Source: kraken.com

1 - Gas spent on different blockchains in USD in the last 30 days

Methodology

To calculate gas spent in USD on different blockchains:

• Ethereum

  • We use GAS_USED and GAS_PRICE fields from [ethereum.core.fact_transactions] table to calculate gas spent for transactions.

    • Note: GAS_PRICEunit is wei. ( 1 Ether = 10^18 wei)

  • The gas spent for transactions in USD is calculated by multiplying the calculated gas spent in the previous step by the Ether price.

    \

• Solana

  • We use FEE field from [solana.core.fact_transactions] table to calculate gas spent for transactions.

    • Note: FEEunit is lamport. ( 1 SOL = 10^9 lamport)

  • The gas spent for transactions in USD is calculated by multiplying the calculated gas spent in the previous step by the SOL price.

    \

• Near
  • We multiply GAS_USED field from [near.core.fact_transactions] table by AVG_GAS_PRICE field from [near.core.metrics_daily_gas] table to calculate gas spent for transactions.

    • Note: AVG_GAS_PRICEunit is yoctoNEAR. ( 1 NEAR = 10^24 yoctoNEAR)

      \

• Optimism

  • We use GAS_USED and GAS_PRICE fields from [optimism.core.fact_transactions] table to calculate gas spent for transactions.

    • Note:
      • Fees in Optimism are paid with Optimistic Ethereum, which is a wrapped Ether token on Optimism.
      • GAS_PRICEunit is wei. ( 1 Ether = 10^18 wei)

  • The gas spent for transactions in USD is calculated by multiplying the calculated gas spent in the previous step by the Ether price.

    \

• Flow

  • We use rows with EVENT_TYPE = 'FeesDeducted' from [flow.core.fact_events] table to calculate gas spent for transactions.

    \

• Algorand
  • We use FEE field from [algorand.core.fact_transaction table to calculate gas spent for transactions.
    • Note: FEEunit is ALGO.
  • The gas spent for transactions in USD is calculated by multiplying the calculated gas spent in the previous step by the ALGO price.

Note: In Ethereum, Optimism, and Near, gas spent on transactions is calculated by multiplying gas used by gas price. However, in Solana and Flow, the gas price concept is not defined, instead, they used the transaction fee concept that equals the gas spent concept on Ethereum, Optimism, and Near.

1 -1 Gas spent on Ethereum in USD in the last 30 days

✔️Observations

• Total gas spent on Ethereum in USD in the last 30 days equals 116M $.

  • The average gas used per transaction in USD in the last 30 days equals 3.55 $.

• The highest Gas spent on Ethereum in USD was recorded on 2022-11-08 (8.459M $), 2022-11-09(8.25M $), and 2022-11-10(8.97M $).

1 - 2 Gas spent on Solana in USD in the last 30 days

✔️Observations

• Total gas spent on Solana in USD in the last 30 days equals 201K $.

  • The average gas used per transaction in USD in the last 30 days equals 0.00024$.

• The highest Gas spent on Solana in USD was recorded on 2022-11-09 (26.77K $), 2022-11-08 (14.65K $), and 2022-10-31 (9.7K $).

1 - 3 Gas spent on Algo in USD in the last 30 days.

✔️Observations

• Total gas spent on Algorand in USD in the last 30 days equals 15.11K $.

  • The average gas used per transaction in USD in the last 30 days equals 0.00037$.

• The highest Gas spent on Algorand in USD was recorded on 2022-10-25 (822 $), 2022-10-24 (721 $), and 2022-11-08 (648 $).

• The number of transactions has a correlation with gas spent in USD.

1 - 4 Gas spent on Near in USD in the last 30 days.

✔️Observations

• Total gas spent on Near in USD in the last 30 days equals 7.21M $.

  • The average gas used per transaction in USD in the last 30 days equals 0.493$.

• The highest Gas spent on Near in USD was recorded on 2022-11-04 (433.72K $), 2022-11-05 (424.14K $), and 2022-11-08 (422.2K $).

1 - 5 Gas spent on Optimism in USD in the last 30 days.

✔️Observations

• Total gas spent on Optimism in USD in the last 30 days equals 17.4K $.

  • The average gas used per transaction in USD in the last 30 days equals 0.00195$.

• The highest Gas spent on Optimism in USD was recorded on 2022-11-09 (1683.18 $), 2022-10-21 (1330.359K $), and 2022-11-08 (1289.5 $).

1 - 6 Gas spent on Flow in USD in the last 30 days.

✔️Observations

• Total gas spent on Flow in USD in the last 30 days equals 708 $.

  • The average gas used per transaction in USD in the last 30 days equals 0.000022$.

• The highest Gas spent on Flow in USD was recorded on 2022-11-08 (36.64 $), 2022-11-09 (35.92 $), and 2022-10-28 (28.86 $).

2 - Gas spend in USD to network token price.

3 - The top 10 addresses on each chain that spend the most on gas in the last 30 days.

4 - Average block gas price hourly and daily

4 - 1 - Average block gas price hourly and daily - Ethereum

✔️Observations

• The price of the native token of all the reviewed blockchains from November 6 to 10, 2022, has fallen sharply due to the news related to the FTT token and Alameda Research and the announcement of the bankruptcy of the FTX exchange.

  This price reduction has caused the gas spent (in USD) on blockchains to increase sharply.

4 - 2 - Average block gas price hourly and daily - Solana

4 - 3 - Average block gas price hourly and daily - Algorand

4 - 4 - Average block gas price daily - Near

For the Near blockchain, only the information about the daily price of gas is available, and the information about the hourly price of gas is not available.

4 - 5 - Average block gas price daily - Flow

4 - 6 - Average block gas price daily - Optimism

1 - 7 Compare blockchains

✔️Observations

• The highest number of transactions belongs to Solana(907.27M Transaction), Algorand(39.59M Transaction), Ethereum(32.47M Transaction), Flow(31.58M Transaction), Near(14.5M Transaction), and Optimism(8.7M Transaction).

• The highest gas spent on blockchains in USD belongs to Ethereum(115.46M $), Near (6.97M $), Solana (208.34K $), Optimism (17.28K $), Algorand (14.85K $) and Flow (691$).

• The highest average gas used per transaction in USD belongs to Ethereum(3.56 $), Near (0.48 $), Optimism(0.00197 $), Algorand (0.00037 $), Solana (0.00024 $) and Flow (0.000022$).

• On November 6, the news about the FTT token and Alameda Research and the announcement of the bankruptcy of the FTX exchange caused a lot of doubt in the cryptocurrency market, the effects of which are evident in the charts. From November 5th to November 9th, the number of transactions and gas spent in USD increased drastically in all the investigated blockchains.

5 - The average cost of gas in USD per $1M of liquidity transferred on each chain in the last 30 days

✔️Observations

• Highest average cost of gas in USD per $1M of liquidity transferred on chains belongs to Ethereum(948.26$), Optimism (9.81$), Algorand (6.40$) and Solana (0.91$)

Conclusion

In this dashboard, we analyzed the gas used by different chains in the last 30 days, and the following results were obtained:

• The highest number of transactions belongs to Solana(907.27M Transaction), Algorand(39.59M Transaction), Ethereum(32.47M Transaction), Flow(31.58M Transaction), Near(14.5M Transaction), and Optimism(8.7M Transaction).

• The highest gas spent on blockchains in USD belongs to Ethereum(115.46M $), Near (6.97M $), Solana (208.34K $), Optimism (17.28K $), Algorand (14.85K $) and Flow (691$).

• The highest average gas used per transaction in USD belongs to Ethereum(3.56 $), Near (0.48 $), Optimism(0.00197 $), Algorand (0.00037 $), Solana (0.00024 $) and Flow (0.000022$).

  \

• On November 6, the news about the FTT token and Alameda Research and the announcement of the bankruptcy of the FTX exchange caused a lot of doubt in the cryptocurrency market, the effects of which are evident in the charts. From November 5th to November 9th, the number of transactions and gas spent in USD increased drastically in all the investigated blockchains.

• Highest average cost of gas in USD per $1M of liquidity transferred on chains belongs to Ethereum(948.26$), Optimism (9.81$), Algorand (6.40$) and Solana (0.91$)