Try Quests to earn cryptoPolygon fees
Approaches and Preprocessing
We query data of Tx fee from polygon.core.fact_transactions and ethereum.core.fact_transactions since July 1, 2022, while we
- Ignore 0-fee Tx
- Ignore ‘FAIL’ Tx
0-fee Tx
If we query Tx that has 0 fee (as in below table), what we can notice is that they are Tx from ‘null address’ to ‘null address’ , which is address generated to allow Proof of Burn (null address =0x0000000000000000000000000000000000000000).
In this article we will not include 0-fee Tx in our statistic information, since we focus on Tx from real users.
> Some statistic information may be not precisely correct because the data queried on the last day is not finished
Polygon and Ethereum fee distribution since July 1, 2022
We plot distribution graph of Number of Tx and Accumulated Tx fee over each Fee Range.
There are wide range of Tx fee over the period of time.
- In Polygon, Tx fee is in scale between 0.0001 and 100 MATIC.
- In Ethereum, Tx fee is in scale between 0.0001 and 1 ETH.
Nevertheless, majority over 90% of Tx does not have that wide range.
- In Polygon, majority is in scale of 0.01 MATIC and below.
- In Ethereum, majority is in scale of 0.001 ETH and below.
More-than-100-MATIC-fee Tx
As we can see from Polygon query, average Tx fee is around 0.1 MATIC. However, there are some minority that have Tx fee over 100 MATIC !!. Let’s take a closer look at these Tx.
> 100 MATIC fee Tx is queried bellow, we can notice that origin_function_signature are mostly 0xb8ebd5cc and 0x00007046.
0xb8ebd5cc
This function has the highest number of high fee Tx shown above. The function name is executeNftOrder(uint8 _orderType, address _trader, uint256 _pairIndex, uint256 _index, uint256 _nftId, uint256 _nftType), and has pattern of token transferred pattern like in the left picture below.
This function occurs when people interact with 0xd8d177efc926a18ee455da6f5f6a6cfcee5f8f58 contract.
From our hypothesis, the reason behind high Tx fee is that the user want Tx to success and finish as fast as possible, because the Tx can easily fail.
We show high failure rate in the right picture below, in which we look at recent Tx interacting with 0xd8d177efc926a18ee455da6f5f6a6cfcee5f8f58 contract.
The same reason is valid with other >100 MATIC fee Tx.
Conclusions
- Since
2022-07-01, the Polygon Tx fee is in range 0.000021 and 223.15 MATIC. - Majority Tx fee of Polygon and Ethereum have significant divergent correlation.
- Daily average number of Tx on Polygon is 2.3M and average Tx fee is 0.00975 USD.
- High fee Tx (>100 MATIC) occurs with the Tx that has high probability of failure.
- 0 fee Tx is a Tx from null address to null address.
- Most popular function signature on Polygon is
0xc9807539(Function: transmit(bytes _report, bytes32[] _rs, bytes32[] _ss, bytes32 _rawVs))
Do Polygon and Ethereum tx fee diverge?
We plot daily average fee on Polygon and Etereum. We can see that the trend converges from July 1 to July 4 and then diverges until July 8 .
Just from this information, we may conclude that Polygon and Ethereum Tx fee do not have any correlation as they do not go with the same trend, while their price have significant correlation.
What if we filter Tx fee?
From the previous section, we know that there are very wide range of Tx fee.
We try to filter out Tx fee range that is too high from average, in order to gather the information of tx with normal behavior.
We select only the range of fee
- 0.1 MATIC > Polygon fee > 0 MATIC
- 0.01 ETH > Ethereum fee > 0 ETH
which is large majority over 90% of all Tx.
Surprisingly, we found that the trend become more correlated.
As the graph shown below, we can see the trend diverges at almost every point of time.
The reason of this divergence may be some connection of Polygon and Ethereum, as they are L2 and L1.
Tx fee indicates traffic density of blockchains; higher traffic, higher Tx fee.
We may conclude from the graph that users keep switching between these 2 networks.
However, it needs much more analysis to study what is behind this behavior.
Transaction fees on Polygon since July 1, 2022 on Daily basis
Below numbers are overall statistic of Tx fee on Polygon and Ethereum since July 1, 2022.
Average number of Tx per day
-
On Ethereum, there is 0.929M Tx per day in average
-
On Polygon, there is 2.3M, about 2.5 times higher
Average Tx fee in USD
- On Ethereum, average Tx fee is 2.9 USD
- On polygon, it is 0.00975 USD, about 300 times lower.
Top 10 popular function signatures on Polygon
We plot data of 10 most popular function signatures on Fee volume and on Tx volume.
We can see that there are only 3 functions that exist on both pie charts; 0xc9807539, 0x674c3d0b, and 0x0c53c51c.
0xc9807539: Transmit (No.1 on both pie charts)
0x674c3d0b: Mint and Transfer of EDNS token
0x0c53c51c: Transfer of OpenSea Collections
We may consider these 3 functions as the most popular ones and ha.
Daily Tx Volume and Average Tx fee
Tx volume
- We can see from lower graphs that the trend of Tx volume is quite stable, except on
July 7on Ethereum that it drops by more than 50%. - Data on the last day may be not with the trend because the query is not finished in full day.
Average Tx fee
- The trend of average Tx fee is much more fluctuated than that of Tx volume.
- We will discuss about this trend in the next section