Algorand Fees 2022
Daily average transaction fee/cost (in ALGO). General cost has fallen since May, even more if you consider most token valuation has been falling since May, this would make the USD total even cheaper, if this chart were expressed in USD the price drop since May would be much more pronunciated.
Introduction:
This dashboard answers: Q111. One of the main advantages for a user of Algorand is the extremely low fees relative to other blockchains. Create a visualization showing the cost of transaction fees per day accumulated since the beginning of January 2022. What wallets have conducted the most transactions and spent the most on fees? How much have users on Algorand spent on transactions in total?
Algorand is now 3 years old. This dashboard will review the evolution of gas price (fees) for 2022 up to now (4/7/22). Its important to take into acount that fees are measured in ALGO amounts, therefore it would be usefull to consider its valuation at certain points in time. Like the general market drop, especially after the terra crash, since these types of events affect both user/transaction traffic and token price.
If we look at the chart to our left, we can see the 6 types of transactions categorized by Algorand, split by gas/fee usage in 2022. Asset transfer (225.169,00 ALGO racked up in fees), payments and application calls are by far the top transactions when measured by this standard.
If we un-select the top 3 we can observe that asset configuration is a stand alone 4th sport while Asset Freeze and Key registration have a much smaller share off total 2022 fees in 5th and 6th place.
The Top 25 addresses by amount of transactions in 2022 so far. The top 2 (noticable higher amount than the rest) dont have any special tag on Algo scanner, and hold a sizeable balance in game tokens, so I would possibly classify them as whales. The 3rd address does not hold any specific asset, but has a large history of application calls, therefore it might be an app. Its also worth mentionig, that in oposition to the top 2, this address has a linearley decreasing balance.
Its also relevant to mention, that if instead of counting tx, we count fees (amount of times an address has paid a fee in 2022), the ranikings are the same but most of the have paid fees a few more times than they have executed a transaction, for example This chart’s Nr 1: (tx count = 123.560.773 ; paid fee count =123.614.624)
So far, in 2022 more than 400k acumulated ALGO were spent on fees. In today’s valuation, that would be around130k USD.
Conclusions:
In what has transcurred of 2022 the whole Algorand system has worked on only 130k USD. This is extreemley cheap when compared to other L1 like Ethereum. Gas fees in ALGO have been pretty stable, falling a little bit recentley, but when paired with price drops this makes them even cheaper when visualized in dollars. Most of these transactions were payments, transfers or use of ecosystem applications.