Gas Fee

Many decentralized application, cryptocurrencies, and tokens have been created using the EVM. Because the Ethereum blockchain is part of the EVM, the cryptocurrencies built on that blockchain require gas fees. For example, a popular token built on Ethereum's blockchain is DAI. Because it uses the Ethereum blockchain, users need to pay gas fees in gwei to conduct transactions on the chain.

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.

this dashboard will look at the Fees stats on Ethereum, Optimism, Arbitrum, Solana, Flow, Osmosis, Near, and Algorand in the last 30 days.

First, we look at each blockchain's Stats one by one, and at the end, we compare them together

Scopes

• 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

Ethereum

• price: table ethereum.core.fact_hourly_token_prices - symbol: WETH
• ethereum.core.fact_transactions table: tx_fee * eth_price = Fee in USD

Optimism

• optimism.core.fact_transactions table: tx_fee * eth_price = Fee in USD

Arbitrum

• arbitrum.core.fact_transactions table: tx_fee * eth_price = Fee in USD

Osmosis

• price: table osmosis.core.dim_prices - symbol: OSMO
• osmosis.core.fact_transactions table: split(fee, 'uosmo')[0]::float/pow(10, 6) * osmo_price = Fee in USD
• fee like '%uosmo%'

Ethereum

Optimism

Arbitrum

Solana

Osmosis

Flow

Near

Algorand

Comparison Chains

🟠 Observations

• Collapsing FTX/Alameda had a direct impact on Solana Ecosystem and caused a significant drop in $SOL Price.
• the total generated fees on Nov 8th, and 9th spiked and reached $19K from $5.5K-$6.5K in previous days on average. the average daily fee per Block peaked at $0.138, but on regular days it’s $0.35. the fee per transaction in Solana is too small about $0.0018
• Sundays have the lowest gas and Wed have the highest gas fees. also, 12 AM - 12 PM have low gas and the peak hours are 16 - 20 PM
• for transferring $1M in the Solana chain, users have to pay $26 for fees on average which is much smaller than Arbitrum.

🟠 Observations

• Arbitrum uses WETH for network gas fees.
• the total generated fees on Nov 8th, and 9th spiked heavily and reached $81K from $35K in previous days on average. and the average daily fee per transaction peaked at $0.92, but on regular days it’s $0.48 - $0.58
• Sundays have the lowest gas and Thu, Tue, and Wed have the highest gas fees. also, 12 AM - 12 PM have low gas and the peak hours are 14- 19 PM
• for transferring $1M in the Arbitrum chain, users have to pay $190 for fees on average which are much lower than Optimism.

🟠 Observations

• Optimism uses WETH for network gas fees.
• the total generated fees on Nov 8th, and 9th spiked heavily and reached $237K and $194K from $40K-$50K in previous days on average. and the average daily fee per transaction peaked at $0.49, but on regular days it’s $0.12 - $0.2
• Sundays have the lowest gas and Thu, Tue, and Wed have the highest gas fees. also, 12 AM - 11 AM have low gas and the peak hours are 16 - 21 PM
• for transferring $1M in the Optimism chain, users have to pay $841 for fees on average which are cheaper than Ethereum Mainnet.

🟠 Observations

• the ETH Price Dropped on Nov 8th and 9th due to the FTX/Alameda Collapse. this caused a significant increase in Gas fees. the total generated fee in these two days reached $8.45M from $3.5M in previous days on average. and the average daily fee per transaction peaked at $7.5 and $6.5
• Sundays have the lowest gas and Thu, Tue, and Wed have the highest gas fees. also, 12 AM - 11 AM have low gas and the peak hours are 16 - 19 PM
• for transferring $1M in the Ethereum chain, users have to pay $1190 for fees on average.

🟠 Observations

• OSMO is the Osmosis governance Token and users pay fees by this token, the market crash caused OSMO to drop from $1.64 to $1.12.
• the transaction volume spiked and increased on October 27th, and 28th as a result of listing $OSMO in Binance. this activity in the network caused rising the total generated fees and it reached $1.5K from $350-$400K in previous days on average. the average daily fee per Block peaked at $0.10, but on regular days it was $0.028.
• the fee per transaction in Solana is too small about $0.0028 and this number decreased in the last days and reached $0.0017
• the daily average gas fees increased after October 29th until Nov 11th.
• Fri and Thu have the highest gas fees. also, 12 AM - 13 PM have low gas and the peak hours are 17 - 20 PM
• for transferring $1M in the Osmosis chain, users have to pay $119 for fees on average which is smaller than Arbitrum and higher than Solana.

🟠 Observations

• $FLOW is the Flow governance Token and users pay fees by this token, the market crash caused FLOW to drop from $1.87 to $1.17.
• the total generated fees on Nov 8th, and 9th increased and reached $36 from $23 in previous days on average. the average daily fee per Block peaked at $0.00061, but on regular days it’s $0.00038. the fee per transaction in Solana is too small about $0.000028, even lower than Solana
• Sundays have the lowest gas and Wed have the highest gas fees. also, 19 PM - 2 AM have low gas and the peak hours are 7 AM- 17 PM
• for transferring $1M in the Flow chain, users have to pay $2.69 for fees on average which is 10X smaller than Solana.

🟠 Observations

• $NEAR is the Near governance Token and users pay fees by this token, the market crash caused NEAR to drop from $3.3 to $1.92.
• the fees in the Near chain seem to be more constant than other chains, and by increasing transaction volume on Nov 9th, the fees didn’t spike
• on weekdays fees are constant on average but Sundays have a bit lower gas and Wed have the highest gas fees. also, 12 AM- 8 AM have low gas and the peak hours are 12 PM- 20 PM
• for transferring $1M in the Near chain, users have to pay $87.5 for fees on average which is not low as Flow and Solana.

🟠 Observations

• $ALGO is the Algorand governance Token and users pay fees by this token, the market crash caused FLOW to drop heavily from $0.43 to $0.25.
• by increasing transaction volume on October 24th, and 25th, the total generated fees increased and reached $822 from $450 in the previous days on average. the average daily fee per Block peaked at $0.35, but on regular days it’s $0.17. the fee per transaction in Algorand is about $0.0004
• Sundays have the lowest gas and Wed have the highest gas fees. also, 12 AM- 6 AM have low gas and the peak hours are 1 AM- 16 PM
• for transferring $1M in the Flow chain, users have to pay $6.74 for fees on average which is a bit higher than Flow and Solana.

🟠 Observations

• Flow has the lowest fee per transaction by $0.000022. also generated the lowest total fee in the last 30 days with only $703.7. the Flow with 31.6M transactions is higher than Arbitrum, Near, Optimism, and Osmosis.
• The Ethereum, Optimism, Arbitrum, and Solana Average Fee increased on Thursdays, but the flow average fees decreed on this day.
• after November 8th, the Hourly fees volatility increased significantly
• Ethereum, Optimism, and Arbitrum generated the highest fees in the last 30 days with $116M, $1.64M, and $1.08M. the Flow, Algorand, and Osmosis generated the lowest Fees with $704, $15K, and $16.95K
• Ethereum, Optimism, and Arbitrum have the highest fees per transaction in the last 30 days with $3.5, $0.18, and $0.05. the Flow, Solana, and Algorand generated the lowest Fees with $0.000022, $0.00022, and $0.00037

💡 Conclusion

• Highest Generated Total Fees and Average Fee Per Transaction:

  1. Ethereum: $116M - $3.5 2. Optimism: $1.64M - $0.18 3. Arbitrum: $1.08M - $0.05

• Lowest Generated Total Fees and Average Fee Per Transaction:

  1. Flow: $704 - $0.000022 2. Algorand: $15K - $0.00037 3. Osmosis: $16.95K - $0.00037

• considering Solana's high transaction volume, with $0.00022 has the lowest fee per transaction after the Flow chain

• in most chains**, Sundays** have the lowest gas and Wed have the highest gas fees. also, 12 AM- 8 AM have low gas and the peak hours are 14 PM - 20 PM

• Transferring $1M Fee

• 1. Flow $2.69 2. Algorand $6.74 3. Solana $26.7 4. Near $87.5 5. Osmosis $119.6 6. Arbitrum $190.2 7. Optimism $840 8. Ethereum $1190

Flow

• price: table flow.core.fact_prices - symbol: FLOW
• flow.core.fact_events table: event_data:amount * flow_price = Fee in USD
• and event_type='FeesDeducted' and event_contract = 'A.f919ee77447b7497.FlowFees'

Algorand

• price: table algorand.core.ez_price_pool_balances - symbol: ALGO

• algorand.core.fact_transaction table: fee * algo_price = Fee in USD

Near

• price: table near.core.fact_prices - symbol: wNEAR
• near.core.fact_transactions table: transaction_fee/pow(10, 24) * near_price = Fee in USD

Method