What is Web3?

Web3 is the hypothetical next-generation version of the World Wide Web that is decentralised and distributed through the use of blockchain and similar technologies.

Depending on who you ask these days, Web3 is either imploding or finally escaping the shadow of sketchy cryptocurrency businesses for a more sustainable future.

The collapse of FTX, once the second-largest crypto exchange in the world, sent shock waves through the market. This caused some people to cast doubt on the future of Web3, which has long been conflated with cryptocurrency even though it is supposed to encompass so much more.

Still, many have not given up on blockchain technology and the dream of a decentralised web. Yat Siu, chairman and co-founder of Hong Kong-based Animoca Brands, said he worried about the reputational damage to Web3 from FTX’s bankruptcy. But his commitment to Web3 as a “natural evolution of the internet” remains unshaken. Read More…

Ethereum Gas, Fees and Transactions

Method

Here in this dashboard I’ve take a look at some key indicators of the health of the Web3 industry on Ethereum network. Some of tables I’ve used on this study are:

core.ez_nft_mint - score.ez_dex_swaps - core.fact_transactions

I also used ethereum.core.fact_hourly_token_prices to take ETH price in order to calculate usd volume on mint section.

Insights can be conclude from this section of analysis:

Number of total transactions on Ethereum was 400M . Maximum gas price until today Dec 22th is 2.75M Trend line of maximum gas price shows steady movement with some sharp spikes. Average gas price on Ethereum through this year was 50.6 Unlike max gas price average gas on Ethereum decreasing every day. Highest average gas was 176 on Jan 10th. Total fee paid for transactions in ETH is 1.749M Maximum fee paid for transaction is 215.9 ETH. Average fee paid for transactions is 0.00438 ETH.

Number of Swaps, Swappers, USD Volume and Fees Paid on Each Dex Protocol

Mints and Minters and Fee Paid for Mints and Top Collections

Insights can be conclude from this section of analysis:

Uniswap has way considerable swaps compared to its competitors. This platform has 20M swaps in 2022. Sushiswap with almost 3M swaps is the biggest competitor of Uniswap. In users, Uniswap has the most swappers of Ethereum as well. There are totally 2.8M swappers on this platform. Again Sushiswap with 517K swappers is the biggest competitor of Uniswap.

Synthetix by 1,429 swappers has the lowest number of users. Average fee paid for swaps on Each protocol shows Synthetix with 0.028 ETH as lowest amount. Uniswap has the highest average fee among all protocols. In swap volume, Uniswap with total 294B $ has the highest amount. Curve with almost 46B $ swap volume is the biggest competitor of Uniswap. Maximum swap volume on Curve is around 70M $ which is the highest amount between protocols. Maximum swap volume on popular protcol Uniswap, is 36M $.

Conclusion

Average gas price along with average fee paid on transactions on Ethereum was downward during 2022. Around 400M transactions occurred on Ethereum network in 2022. These transactions produce 1.7M ETH as fee which paid by users. Maximum fee paid on these transactions was around 216 ETH and average fee was 0.004 ETH. Uniswap without doubt is the most popular DEX on Ethereum. This protocol has highest number of swap transactions, swappers and swap volume. Sushiswap is the biggest competitor of Uniswap. Synthetix by 1,429 swappers has the lowest number of users between protocols. Number of NFT minters were almost steady even when we entered into bear market. Average fees paid on minting NFTs on Ethereum network has been declined significanly since market entered into bear market. Total fee paid on minting NFTs in 2022 is aroud 9B $ and average amount is 10$ . People paid 695M $ fee on minting Tubby Cats collection which made it most wanted collection in 2022. ENS has the highest number of mints and minters in 2022. Maximum fee paid on minting a collection is 539K $ which paid for Tubby Cats.

Insights can be conclude from this section of analysis:

Speaking of NFTs, In 2022 more than 3.5M unique minters attempt minting NFTs on Ethereum. These minteres create 27.7 mint transactions in overall. Weekly graph of these two items indicates number of minters is almost steady during 2022. But number of mints has seen some up and down and over the past 2-3 months volume of them decreased. Highest peak of mints in 2022 is 1M transactions which occurred on Sep 12th. Highest, Average and median usd fees paid for minting NFTs on Ethereum has been reduced significanly since May. Highest fee paid for mints is 540K $ and median fee is around 10 $. So far 9.39B $ paid in order to mint NFTs on Ethereum during 2022.

Tubby Cats is the top collection people spent millions of fees to be able to mint their NFTs.

More than 695M $ fee paid on this collection on Ethereum network for mint.People also paid 353M $ to mint NFTs of the Otherside collection. Maximum fee paid on mints in 2022 belongs to Tubby cats as well with 539K $ amount. ENS collection is the most popular one among NFT users. 1.6M unique minters mint items of ENS. In number of mints, ENS again has the highest share with 1.6M mints. Since volume of minters and mints are equal on ENS we can say each person mint of ENS.