A new chart showing Ethereum Gas usage by transaction type compared to a 30-day moving average shows that NFTs accounted for 27% of Ethereum Gas usage, up from around 15% towards the end of 2022. .

Ethereum Gas Usage by Transaction Type
Ethereum gas usage by transaction type (Source: Glassnode)

In Ethereum, gas is a unit of measurement that determines the amount of work required to execute a transaction or smart contract on the Ethereum network. Gas prices are denominated in Gwei, a subunit of Ether.

The amount of gas used in an Ethereum transaction depends on the type of transaction. For example, a simple transaction like sending Ether from one account to another requires less gas than complex smart contract execution or multisig authentication.

An NFT (Non-Fungible Token) is a type of digital asset that represents ownership of unique items or content, such as artwork or game collectibles. NFTs are becoming more and more popular on the Ethereum network, and according to recent data, NFTs currently make up a significant portion (27%) of Ethereum’s total gas usage.

However, a new market competitor has recently upended the NFT market, which analysts point to as the reason behind the recent surge in NFTs as a percentage of ETH gas usage.

How Blur is starting to siphon ETH gas

This week, new NFT marketplace Blur achieved a significant milestone of surpassing OpenSea in daily NFT trading volume, now surpassing UniSwap and Seaport to become the leading “Gas Guzzler” on the Ethereum network. rice field.

Top Gas users on the Ethereum network
Blur is now the top gas user (Source: Etherscan)

February 15th (Wednesday) Blur Daily trading volume It reached 6,602 ETH, surpassing OpenSea’s 5,649 ETH for the first time. The achievement caused Ethereum gas prices to skyrocket as trading activity surged.

according to crunch baseBlur is valued at $1 billion and has raised $11 million in seed funding from Paradigm, Coinbase Ventures and E-GIRL Capital in its first round in March 2022.

Blur offers users attractive benefits such as zero transaction fees. This is the main factor likely contributing to the increase in gas usage.

The platform released its native token, BLUR, on February 15th, offering token airdrops to its most active users. As a result of the airdrop, the price fell by 84%, but Blur’s trading volume increased significantly. The platform airdropped a total of 360 million of his BLUR tokens as of yesterday, hitting a record high of $1.59 billion in unique trading volume.

According to DappRadar, Blur surpassed OpenSea in both 7 days ($435.24 million) and 30 days of trading volume ($711.83 million).

Posted In: Analysis, NFT

By Jules

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