Try Quests to earn SOLFlipside's World Cup Kick Off: Gas Guzzlers
This dashboard aims to compare gas usage between various networks. The networks to be compared are:
- Solana
- Ethereum
- Near
- Polygon
- Optimism
- Flow
- Algorand
- Osmosis
The below metrics would be used:
- 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.
The network token transfer tables, address labels tables, hourly token prices tables, and transactions tables associated with each network were used to obtain the required data used in making a comparison in gas usage between the 8 networks.
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Ethereum network has the most gas spent in the last 30 days with 106.6 million USD in GAS, followed by Polygon Network with 3.32 million USD.
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Flow has the least gas spent in the last 30 days, with just 576 USD.
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Ethereum has the highest gas cost per 1 million USD network token liquidity transferred, with 896 USD.
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Solana has the least gas cost per 1 million USD network token liquidity transferred, with just 0.1256 USD.
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From the hourly and daily charts above, we can observe that from the 6th to the 10th of November 2022, there is a general spike in block average gas prices on most of the networks. This indicates these networks were affected by the FTX crisis as gas price tends to increase when there is a verge large transaction volume. Algorand and Near networks appear not to be affected much by the crisis as there is no notable spike in gas prices within the period on their charts.
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On Flow's hourly and daily charts, a downtrend in average gas prices can be observed. It could indicate transaction volume has been on a decrease on Flow these past 30 days.
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Before the crisis, the average daily and hourly gas prices has been very stable on Solana. Also, Algorand and Near have had a stable average gas price these past 30 days.
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On Near and Flow, the largest gas spenders (i.e. JoyridePayments and oracle.sweat respectively), on both networks account for more than 50% of total gas spent in their respective top 10s in the last 30 days. The wallet addresses are associated with a gamefi and a ‘move to earn’ dapps respectively.
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The top 10 addresses with the most gas spent in the last 30 days on Polygon have an almost even share of the total gas spent.
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On Algorand, the only recognizable address that made it to the top 10 is Bitfinex, a CEX (Centralized Exchange).
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On Ethereum, Binance, a CEX has spent the most on gas this past 30 days. The Optimism bridge is the second largest spender. Other CEXes like Crypto.com, FTX, Kucoin e.t.c occupy the rest of the spots.
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In the above bar charts, all networks seem to be affected by the FTX crisis in terms of daily gas spent as spikes between the 6th and 10th of November can be observed.
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Gas spend on the Algorand network is the least affected by the crisis, as it has the shortest spike within the period.
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There is a strong correlation between network token price and gas spend on most of the networks.
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Algorand network appears to have to least correlation between network token price and gas spend.
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Ethereum network has the most gas spend this past 30 days. It also has the highest average cost of gas per 1 million USD.
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Flow network has the least gas spend this past 30 days.
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Ethereum network has the most CEXes (Centralized Exchanges), about 6, among its top 10 gas spenders
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Solana network has the least average cost of gas per 1 million USD
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Algorand network is the least affected by the FTX crisis as its average daily gas price and its daily amount spent on gas remain largely unchanged by the event