OpenSea’s Ethereum gas usage has declined to almost zero

Hull Invest

CryptoSlate’s analysis of gas consumption on the Ethereum (ETH) network based on transactions interacting with non-fungible token contracts showed that OpenSea’s gas usage dropped to near zero.

Analysis included token contract standards (ERC721 and ERC1155) and other NFT marketplaces such as LooksRare, Rarible and SuperRare.

Using Ethereum NFT Gas
Source: Glassnode

According to the chart above, overall gas prices for NFT-related transactions peaked between October 2021 and January 2022. During this period, OpenSea accounted for around 20% of his NFT gas consumption on Ethereum.

The largest NFT market was able to maintain its gas consumption dominance until July, when it began to decline rapidly.

OpenSea’s Ethereum NFT Trading Volume Drops for 5th Straight Month, According to Dune Analysis data.

Layer 2 Network Gas Consumption Exceeds $100 Billion

Meanwhile, the Ethereum Layer 2 network spent more than $100 billion in gas bills in November to validate transactions and operate bridges on its mainnet. data Shared by Paolo Rebuffo.

This represents over 100% growth since the beginning of the year when gas prices were $33.2 billion.

According to the data, Optimism contributed almost 50% of the gas bill, while Arbitrum received 30% of the bill. Other networks such as dYdX, Loopring and Starkware make up the rest.

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