Definition
The relative amount (share) of gas consumed by the Ethereum network by category. Transactions are classified into one of the following categories:
- NFT: Transactions interacting with non-fungible tokens. This category includes both token contract standards (ERC721, ERC1155), as well as NFT markets (OpenSea, LooksRare, Rarible, SuperRare) to trade them.
- Challenge : On-chain financial instruments and protocols implemented as smart contracts, including decentralized exchanges (DEX). We include over 90 DeFi protocols in this category, such as Uniswap, Etherdelta, 1inch, Sushiswap, Aave, and 0x.
Quick setting
- Current gas consumption for NFTs on Ethereum is around 20%, a new low for 2023 but just above the low of 16% in November.
- This is partly due to the growth of signups and ordinals in the Bitcoin ecosystem, which is expected to continue as a long-term trend.
- DeFi is also at a two-year low, using less than 8% of current gas consumption.
- Registrations are one of the main stories for 2023, which has exceeded 350,000 registrations since the start of the year.
Ethereum’s NFT Gas Consumption Heads For A Two-Year Low As Listing Demand Takes Over appeared first on CryptoSlate.