Try Quests to earn crypto2022 Retrospective
Introduction
At its core, Ethereum is a decentralized global software platform powered by blockchain technology. It is most commonly known for its native cryptocurrency, ether (ETH). Ethereum can be used by anyone to create any secured digital technology. It has a token designed to pay for work done supporting the blockchain, but participants can also use it to pay for tangible goods and services if accepted.
Gas and fees
Gas refers to the unit that measures the amount of computational effort required to execute specific operations on the Ethereum network.
Since each Ethereum transaction requires computational resources to execute, each transaction requires a fee. Gas refers to the fee required to conduct a transaction on Ethereum successfully.
DEX
A decentralized exchange (DEX) is a digital currency exchange that allows users to buy crypto through direct, peer-to-peer cryptocurrency transactions, all over a online platform without an intermediary.
Minting NFT
An NFT is a blockchain-based token that proves ownership of a digital item such as images, video files, and even physical assets. In simple terms, Minting an NFT refers to converting digital files into crypto collections or digital assets stored on the blockchain.
Method
There are three main tables I used from Ethereum schema on this analysis which provided by Flipsidecrypto. For the first section I used ethereum.core.ez_dex_swaps table. My purpose is all DEXs and swap activity by platforms on Ethereum chain.
Second section is about minting NFTs on Ethereum chain where led me to ethereum.core.ez_nft_mints table in order to extract data I need. Top projects which use highest Gas fees for minting NFTs on Ethereum considered for this part.
Last part of analysis is about gas price and fee paid on Ethereum. For the purpose of this section I used ethereum.core.fact_transactions table.
Timeframe of all parts on this analysis established from Jan 2022 until present day Dec 2022.
Conclusion
According to our analysis Uniswap V2 played a major role on swapping transactions on Ethereum blockchain in 2022.
We also see that this platform has the most unique swappers among all DEXs with 1.8M users. On the other hand vast majority of swap volume (in USD) occurred on Curve platform.
Weekly basis graphs of these parameters showed less people are using DEX platforms since mid 2022 which I think is related to bear market started during those days.
Despite lower users on Dexs in mid 2022 swap transactions on these platforms increased as well espcially on Uniswap.
Even through we're in bear market and gas consumed decreased on NFT mints on top projects but grow trend is upward during 2022. Among top projects, Tubby cats consumed highest gas on mints and maximum and average fess. During 2022 Ethereum users paid 1.7M ETH on this chain. Even though volume of paid fees declined over the past 6 months still cumulative trend is bullish and growing on Ethereum. Average gas price in Ethereum chain is decreasing since Jan 2022 while transactions number hasn't any significant change during this time period.
Highlights
Here in this section you can observe the swap behaviors on DEX platforms used in Ethereum chain. Results indicates Uniswap is people's first choice when we talk about swap transactions. Around 32M swaps made by users on this Dex over 2022. This volume makes uniswap owns 87% of swap transactions among DEXs. Suhiswap swap with 3.2M swaps and 9% marketshare is following Uniswap. In the matter of swappers count again Uniswap platform become most popular Dex with 3.2M unique swappers. Marketshare of Uniswap among top Dexs is 81%. Sushiswap and Curve has been following Uniswap in this term.
Unlike above results and in the matter of swap volume Curve platform has upperhand compared to Uniswap. This dex made 96% of swap volume while Uniswap received 3.2% marketshare in 2022.
Highlights
During 2022 minimum gas price that have seen on Ethereum is 1.13 while average gas was 50.6 in Gwei
and maximum gas price was 2.75M.
Average fee paid on Ethereum was 0.004 ETH and maximum fee paid on this chain was around 216 ETH
while total fee paid on Ethereum is 1.74M ETH so far.
According to weekly charts, Fee paid and gas price on Ethereum decreased over time.
On the contrary transactions number is almost steady during 2022 and hasn't any notable change.
Highlights
Among top projects that received highest gas during mint Tubby cats with 263K has rank number one.
On Feb 21th 2022, This project minted by users on Ethereum chain and consumed the highest gas.
Second top project is The Otherside which made 127K gas on April 25th.
Some of these top projects still mints by user over time and gas trend on these projects still growing.
Maximum fees for that used for minting projects can be seen on above graphs as well.
Tubby cats and Saudis cansumed maximum fees on their minting process.