Ethereum’s NFT gas usage heads towards a two-year low as inscription demand takes over

Definition The relative amount (share) of gas consumed by the Ethereum network by category. Transactions are classified into one of the following categories: NFTs: Transactions interacting with non-fungible tokens. This category includes of both token contract standards (ERC721, ERC1155), as well as NFT marketplaces (OpenSea, LooksRare, Rarible, SuperRare) for trading those. DeFi: On-chain financial instruments and protocols […]

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Definition

The relative amount (share) of gas consumed by the Ethereum network by category. Transactions are classified into one of the following categories:

  • NFTs: Transactions interacting with non-fungible tokens. This category includes of both token contract standards (ERC721, ERC1155), as well as NFT marketplaces (OpenSea, LooksRare, Rarible, SuperRare) for trading those.
  • DeFi: On-chain financial instruments and protocols implemented as smart contracts, including decentralized exchanges (DEXs). We include over 90+ DeFi protocols in this category, such as Uniswap, Etherdelta, 1inch, Sushiswap, Aave, and 0x.

Quick Take

  • Current gas usage for NFTs on Ethereum is roughly 20%, a new low for 2023 but just above the low of 16% in November.
  • This is partly due to the growth of Inscriptions and Ordinals in the Bitcoin ecosystem, which we expect to continue as a long-term trend.
  • DeFi is also at two-year lows, using less than 8% of the current gas usage.
  • Inscriptions are one of the main stories for 2023, which has surpassed 350,000 inscriptions year-to-date.
Ethereum Gas Usage: (Source: Glassnode)
Ethereum Gas Usage: (Source: Glassnode)
Inscriptions Total Count: (Source: Glassnode)
Inscriptions Total Count: (Source: Glassnode)

The post Ethereum’s NFT gas usage heads towards a two-year low as inscription demand takes over appeared first on CryptoSlate.

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