I analyzed a lot of Gas data and got some interesting findings

Author: CASEY

Source: CASEY's Twitter

Interpreting the consumption of Gas fees can tell us many stories, including the rise of decentralized exchanges and the process of capital transfer from DeFi to NFT.

Twitter user CASEY used the analysis tool Nansen to deeply analyze the gas fee expenditure and obtained some interesting findings.

Gas consumption

The Rise of MEVs

In 2022, MEV Seekers ranks among the top ten Gas spending contracts for the first time.

MEV, Miner Extractable Value, is a measure of the profit a miner (or validator, orderer, etc.) can earn through the ability to arbitrarily include, exclude, or reorder transactions within the blocks they produce.

The Rise of Stablecoins

The Gas fee paid by Tether reached an all-time high in DeFi Summer, and will continue to pay high Gas fees in 2021/2022. As can be seen from the figure below, during the same period, USDC’s gas fee consumption was much lower than that of Tether.

The Rise of Liquidity Mining

Catalyzed by SNX and Chainlink, liquidity mining moved to protocols such as Compound, Sushi (the first real vampire attack), Curve, etc.

From 2019 to 2021, DeFi for liquidity mining has grown by multiple orders of magnitude.

Uniswap has gradually risen in 2020, grabbing a lot of market share from the first generation of decentralized exchanges and oracles.

So far, the main gas consumption categories in 2022:

• decentralized exchange
• NFT market
• NFT series
• stable currency
• WETH
• mining
• MEV
• wallet
• identity
• borrow money
• yield farming
• Layer 2/Sidechain
• Cross-chain bridge
• game
• Meme coin

Compared with previous years, the new breakthroughs are Layer 2/sidechains, identity, games, and cross-chain bridges.

Contracts that consume the most Gas in 2022 so far:

• Uniswap
• opensea
• Tether
• 1inch
• WETH
• Aave
• MEV
• 0xProject
• Chainlink
• SushiSwap
• USDC
• Center
• Curve
• Synthetix
• MetaMask
• compound
• wxya
• Balancer Labs
• Strong block
• MakerDAO

Analyzing the consumption of Gas allows us to understand the development status and trends of the industry from another angle. I hope the above data is helpful to everyone.