meaning

Shows the relative amount (shares) of gas consumed by the Ethereum network by category. Transactions fall into one of the following categories:

  • Stablecoin: A fungible token with value pegged to an off-chain asset by an issuer or algorithm. This category includes over 150 stablecoins, with USDT, USDC, UST, BUSD and DAI being the most prominent.

quick take

  • In terms of gas usage by transaction type, stablecoin gas usage increased by more than 6%, setting a new all-time high in 2023.
  • The collapse of FTX caused a recent spike late last year, but overall, stablecoin usage is now higher than it was in 2022.
  • USDT is 5% of total stablecoin gas usage, with the recent outflow of BUSD seeing a wave of inflows.
  • USDC is only 1.5% of the gas usage of the Ethereum stablecoin, but has also benefited slightly from the demise of BUSD.
Gas usage by stablecoins: (Source: Glassnode)
Gas usage by stablecoins: (Source: Glassnode)
Gas usage by stablecoins: (Source: Glassnode)
Gas usage by stablecoins: (Source: Glassnode)

Post Ethereum gas usage spikes for stablecoins. The influx, mostly in USDT, first appeared on CryptoSlate.

By Jules

Leave a Reply