This article explains in detail the data changes of Gas fees after the upgrade of Ethereum London
March 2022, Simon
Data Source: Footprint Analytics Gas Dashboard
along withDeFiandNFTandGameFiAlso on fire, on EthereumGaspublic chainpublic chainCompeting online for its pain points.
The current market share of Ethereum has dropped below 60%, but it has to be admitted that the first choice for many excellent projects to go online is still Ethereum, and the price of Gas fees is closely related to every user.
The London upgrade in August changed the gas fee structure, and discussions have continued. Next, this paper will also pass theFootprint AnalyticsLet's look back at the performance of the gas fee in the past six months after the upgrade.
There is no obvious trend change in Gas price in general
The London upgrade is not aimed at solving scalability, so judging from the average gas fee price and base fee price, there is no obvious trend change in the past 6 months.
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Footprint Analytics - Avg Gas Price vs Avg Base Fee per Gas
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Footprint Analytics - Gas Fee VS Priority Fee
The median gas price is shifted to the left
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Footprint Analytics - Txn Gas Price Distribution (Latest 30D vs Sep. 2021)
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Footprint Analytics - Txn Gas Price Distribution (Latest 30D vs Sep. 2021)
The shift to the left is inseparable from the impact of the London upgrade, and more users have chosen the EIP-1559 transaction method. according toFootprint Analyticsimage description
Footprint Analytics - Txn Type(Share)
Looking at the gas price breakdown in the past 30 days, the median gas price of those who choose the EIP-1559 transaction method is 67 Gwei, and the median price of those who still choose the original method is 83 Gwei, and there is an obvious gap.
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Footprint Analytics - Txn Gas Price Distribution (EIP-1559 vs Legacy)
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Footprint Analytics - Txn Gas Price Distribution (EIP-1559 vs Legacy)
Gas price fluctuates regularly every day
In the final analysis, the gas fee is a reflection of the relationship between supply and demand. At present, the blockchain is in a period of rapid development, and it is difficult to make a breakthrough in the price. passFootprint AnalyticsThe data found that Gas prices can be traced at different times, and users can save costs by avoiding transaction peaks.
From the perspective of different time periods of the day, the gas price in the time period from 4:00 to 13:00 UTC time in the past three months is relatively low, with an average of less than 100 Gwei, and the gas price in other time periods increases. At 11:00, the lowest price is about 76 Gwei, and at 17:00, the highest price is about 150 Gwei. Choosing the right trading time can save nearly half of the cost.
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Footprint Analytics - Gas Prices By Hour of the Day (UTC)
From a weekly perspective, the lowest price is on Sunday, followed by Saturday, and the highest price is on Thursday. People will still choose to trade more on weekdays.
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Footprint Analytics - Gas Prices By Week Day (UTC)
Will the gas fee be reduced in the future?
While Ethereum is upgrading in London, it is also promoting layer 2 expansion and Ethereum 2.0. After the upgrade of Ethereum 2.0, PoW will be converted into a PoS mechanism, and at the same time, it will be transformed from a single chain to a multi-chain shard.
Many people rely on the reduction of gas fees. Although the sharding technology will increase network throughput and reduce network congestion after upgrading to 2.0, there is still a long waiting process for sharding to complete.
With the current development trend of the encrypted world, people's demand for on-chain transactions will only increase. With such rapid growth, the relationship between demand greater than supply will drive up the price of Gas.
Also don't forget the price of ETH. The London upgrade also started the burning mechanism. Based on the latest burning rate, it is estimated that 1.8 million ETH will be burned every year. After switching to the PoW mechanism, the issuance of ETH will also drop significantly, which may cause ETH to enter deflation. If the price of ETH rises, the Gas fee paid in ETH is also equivalent to a passive increase.
The Footprint Community is a global, mutually supportive data community where members leverage data visualizations to co-create communicable insights. In the Footprint community, you can get help, establish links, and exchange learning and research on blockchains such as Web 3, Metaverse, GameFi, and DeFi. Many active, diverse, and highly engaged members inspire and support each other through the community, and a worldwide user base is built to contribute data, share insights, and drive the community forward.
This article comes fromFootprint Analyticscommunity contribution
The above content is only a personal opinion, for reference and communication only, and does not constitute investment advice. If there are obvious understanding or data errors, feedback is welcome.
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The Footprint Community is a global, mutually supportive data community where members leverage data visualizations to co-create communicable insights. In the Footprint community, you can get help, establish links, and exchange learning and research on blockchains such as Web 3, Metaverse, GameFi, and DeFi. Many active, diverse, and highly engaged members inspire and support each other through the community, and a worldwide user base is built to contribute data, share insights, and drive the community forward.
