Welcome to Flipside's World Cup of Bounties. To celebrate the arrival of the FIFA World Cup, we'll be holding a tournament to determine the top bounty hunters in the world across several blockchains, projects, and more. This year's theme is cross-chain comparisons. To qualify for this tournament, create a gas tracking dashboard that looks at gas usage by a chain over the last couple of months. Include Ethereum, Solana==, ==Algorand, Flow, NEAR, Optimism, Osmosis, and add any other chain you think is worth noting. Breakout the following metrics by a chain in the dashboard.

• Total amount USD of gas spent on the chain in the last 30 days.
• Average cost of gas in USD per $1,000,000 of liquidity transferred on each chain 30 days
• Average block gas price hourly and daily
• The top 10 addresses on each chain that spend the most on gas in the past month
• Daily amount spent on gas by chain tracked over the last 30 days
• Chart gas spend to network token price

What is gas fee?

In plain English, a user must pay a gas cost to conduct a transaction on a blockchain like Ethereum or Bitcoin.  The fee is primarily used to compensate miners for their computing resources, which are essentially needed to create a new block in order to validate blockchain transactions.

The official cryptocurrency of the blockchain that you're using is typically used to pay the gas fees. It will therefore be for example the ETH coin, which is native to Ethereum.  The price of gas is quite volatile and it depends on two major factors: block time, and transaction throughputs.

Gas costs will decrease as blocks are generated more quickly and a blockchain can store more transactions. Both these factors differ with individual blockchains like Bitcoin, Ethereum, and Solana, and each of them has a different level of efficiency when it comes to gas fees.

The problem with gas fees

The gas fees of major platforms like Ethereum and Blockchain have been concerning over the last couple of years. It is affecting scalability and the gas prices are hitting high. This is not only making trading unaffordable but also capping the overall performance of various blockchains.

In this dashboard we will try to track the gas fees in 8 different blockchains (Ethereum, Solana, Algorand, Flow, NEAR, Optimism, Osmosis, and Polygon) during past 30 days.

Total amount USD of Gas Spent on the chain in the last 30 days.

main findings:

Charts above show the total amount of USD spent on gas on the chain during the previous 30 days.

• Near chain with $517M has the largest amount of total USD gas spend among 8 chains. Ethereum with $111M follows it.
• Optimism with $140.4k has the smallest amount of total USD gas spend among 8 chains. Polygon with $343k is the second chain with small amount of gas spend during last month.
• Flow and Algorand stand in the same level with polygon by $346k and $ 356k of gas fee spent during last month.
• Solana’s total transaction fee for the previous month is $9.19M
• Osmosis has spent $2.09M on gas In the last 30 days.

Average cost of gas in USD per $1,000,000 of liquidity transferred on each chain 30 days

main findings:

Above charts illustrate Average cost of gas per $1,000,000 transactions on each chain in last 30 days.

Optimism with $13k has had the largest Ave. cost per 1M transaction in past 30 days.

Algorand and Solana with $6.56 and $5.33 has had the smallest Ave. cost per 1M transaction in past 30 days.

Average block gas price hourly

main findings:

above charts show the Average block hourly gas price .

• Hourly block gas price for Ethereum oscillates between 501 and 520 (3.8 % change).
• For Solana this amount is 100% between 1.5 and 3. It reaches to its highest value at 18 o’clock.
• For Algorand this amount is 100% between 0.4 and 0.8. It reaches to its highest value at 11 o’clock.
• For Flow this amount is 67% between 0.15 and 0.25. It reaches to its highest value at 15 o’clock.
• For Polygon this amount is 9%.
• For other chains this amount is 100%

Average block gas price daily in the past 30 days

main findings:

• Ethereum gas fee has been decreased from its average value in past few days.
• Solana’s gas fee has had a increasing trend in the past month and it shows a more than 300% grow on Nov 9 in compression to the same day last month.
• Algorand, Optimism, Flow and Osmosis also show a up trend in gas fee during last 30 days.

The top 10 addresses on each chain that spend the most on gas in the past month

main findings:

Charts above show the top 10 addresses on each chain that spend the most on gas in the past month.

• In Ethereum chain the largest spent value of gas in last month belongs to the address 0x6887246668a3b87f54deb3b94ba47a6f63f32985 with more than $1M.
• In Solana chain the largest spent value of gas in last month belongs to the address 5yv6Vh8FNx93TXeSS94xy8VLZMbTqx4vXp7Zg5bDLZtE with more than $420k.
• In Algorand chain the largest spent value of gas in last month belongs to the address ZW3ISEHZUHPO7OZGMKLKIIMKVICOUDRCERI454I3DB2BH52HGLSO67W754 with more than $76k.
• In Flow chain the largest spent value of gas in last month belongs to the address 0xecfad18ba9582d4f with more than $214k.
• In Near chain the largest spent value of gas in last month belongs to the address token.sweat with more than $2.7T.
• In Optimism chain the largest spent value of gas in last month belongs to the address 0x91722db88a8810e2e4ae2e4549aee9eb2b9a4e8a with more than $77.
• In Osmosis chain the largest spent value of gas in last month belongs to the address osmo1awav8afwjqy0f8uzcqek8pd0er7d9jgr5qv9p6 with more than $112.
• In Polygon chain the largest spent value of gas in last month belongs to the address 0xf772980d993e0fac17ed4078df2602e952ed0ccf with more than $4.34.

Daily amount spent on gas by chain and token price tracked over the last 6 month

main findings:

Charts above show the price of token and the amount of gas spent daily during last 6 months.

• Gas amount trend usually obeys the price trend in al chains.
• When the price has a sharp change the gas fee also changes sharply because of sudden increase in demands for transactions.
• In the last 30 days in Ethereum chain we see an increase of daily gas spend from $3.4M to $4.2M. but it decreased to the same level in past few days.
• In Solana chain by decrease of the price in last few days we see an increase in spent gas from almost $ 300k to $900k.
• For all the chains except polygon we see a down trend in token price in last few days that accompanies with the gas spend amount.

overall Conclusions

• Total amount USD of gas spent on the chain in the last 30 days are as follows:

  1-NEAR ($517M) 2-Ethereum ($111M) 3-Solana ($9.19M) 4-Osmosis( $2.09M) 5-Algorand ($356k) 6-Flow($346k) 7-Polygon ($343k) 8-Optimism($140.4k)

• With $13.19K, Optimism has the highest average cost of gas in USD per $1,000,000 of liquidity transferred in chain at the previous 30 days.

• The highest amount of spent gas is generated for most block chains between 3 and 6 o'clock.

• Polygon and Flow’s top wallet is the the top addresses on their chain that have almost the whole share among top 10 addresses with the most spend on gas in the past month.

• As we can see, the native token prices of each chain grew until the beginning of November, when they all peaked around November 5-8. As a result, these chains' gas consumption surged. After November 9 . Most tokens' prices decline.