ETHEREUM gas to the stars. What is it used for?
Most of the use of gas on the Ethereum network is for a mix of USDT transactions, DeFi applications and due to some fraud / ponzi schemes. As a side note, the USD has continued its strong YTD growth and is now the third largest cryptocurrency by market capitalization.
Source of the graph: https://ethgasstation.info/index.php
On 6 and 7 June, commissions paid on the network amounted to $498,000 and 540,000, respectively, for a total of over $1 million. This was almost double the network fees for Bitcoin which amounted to $566,000 in the same period. See Glassnode’s data.
This increase in network usage resulted in a higher average transaction fee and higher revenue for miners. The transaction fee has increased 5 times since January of this year, from an average of $0.08 per Tx to $0.41 today.
Not to mention that unlike Bitcoin, Ethereum has no issues with raising its block gas limit when necessary. I’d expect another increase soon: https://t.co/UcUsBZ1h13 pic.twitter.com/VMZLVuU4J4
— Nikita Zhavoronkov (@nikzh) June 16, 2020
Resta aggiornato con la Newsletter Settimanale
Independent researcher and consultant, Tech Writer at Blockchain Technology. From Italy