Try Quests to earn AVAXFlipside's World Cup Kick Off: Gas Guzzlers
What Are Gas Fees?
Gas fees represent the compensation paid to miners and stakers who help make network transactions possible.
In order to send and receive crypto on most blockchains, you must pay a transaction fee. This transaction fee can vary widely (from less than USD 0.0001 to over USD 100) and depends on the blockchain you’re using and its current demand for block space. On blockchains, the transaction fees required to use the network is referred to as the gas fee (or gas price). Ethereum’s native coin is ether (ETH) and transaction fees are paid using ETH.
Gas is used to pay for computational resources on the blockchains. For example, gas is required to send ETH, to mint and buy non-fungible tokens (NFT), and to utilize Ethereum-based smart contracts and decentralized applications (dApps). For this reason, the amount of gas required to execute these functions is of interest to many network users. These gas fees vary depending on the use case. Sending an ETH transaction is typically cheaper, while more complicated smart contracts and dApp executions tend to be more costly. The price itself is defined by supply and demand for transactional capacity on the network at the time of execution.
Methodology
In this dashboard, we are going to examine 10 of the largest blockchains such as Ethereum, Solana, Algorand, Near, Flow, Arbitrum, Optimism, etc. from different aspects during the last 1 month, and specifically, Our focus is on Gas fee.
Since the range of fees in the offending blockchains is very different, in some parts it is necessary to use logarithmic charts to make a better comparison. Also, in order to have a better analysis, I divided the dashboard into different sections and placed the charts related to each section in that section.
Ethereum has been the most expensive blockchain, with a total of more than $114M spent on transaction fees made in this blockchain during the last 1 month.
In the next place is BSC with a total of more than $23 million and 16% of the total.
Polygon ranks third with more than $3.3 million, and Optimism and Arbitrum blockchains rank fourth and fifth with $1.6 million and $1 million, respectively.
The cheapest blockchain was Flow, which cost a total of $2,900 in transaction fees last month.