Gas usage for stablecoins, NFTs on Ethereum continues decline

Quick Take

• Ethereum gas usage by transaction type, specifically at stablecoins and NFTs, continues to drop.
• Stablecoin gas usage is currently at three-year lows, roughly 5% of the total gas usage, according to Glassnode data as of June 9.
• USDT makes up over 75% of gas usage on Ethereum. However, this demand seems to be continually migrating to Tron as 46 billion USDT out of the 82 billion USDT currently sits on Tron.
• In addition, the NFT gas usage has continued to drop as well. This demand drop has been due to the rise of Bitcoin Inscriptions, which have surpassed ten million inscriptions.

The post Gas usage for stablecoins, NFTs on Ethereum continues decline appeared first on CryptoSlate.

Credit: Source link