{"id":278949,"date":"2022-12-02T15:24:09","date_gmt":"2022-12-02T15:24:09","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=278949"},"modified":"2022-12-02T15:24:09","modified_gmt":"2022-12-02T15:24:09","slug":"openseas-ethereum-gas-usage-has-declined-to-almost-zero","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/openseas-ethereum-gas-usage-has-declined-to-almost-zero\/","title":{"rendered":"OpenSea’s Ethereum gas usage has declined to almost zero"},"content":{"rendered":"

CryptoSlate's analysis of gas consumption on the Ethereum (ETH<\/a>) network based on transactions interacting with non-fungible tokens contracts showed that OpenSea's gas usage has declined to almost zero.<\/p>\n

The analysis included token contract standards (ERC721 and ERC1155) and other NFT marketplaces like LooksRare, Rarible, and SuperRare.<\/p>\n

\"Ethereum
Source: Glasnode<\/figcaption><\/figure>\n

According to the above chart, overall gas fees in transactions related to NFTs peaked between October 2021 and January 2022. During this period, OpenSea accounted for roughly 20% of NFT gas consumption on Ethereum.<\/p>\n

The largest NFT marketplace was still able to maintain its dominance in gas consumption until July, when it began to decline rapidly –this coincided<\/a> with when the bear market was negatively impacting NFT sales.<\/p>\n

OpenSea's Ethereum NFTs trading volume has declined for five consecutive months, according to dune analytics data.<\/a><\/p>\n

Layer2 networks' gas consumption crosses $100 billion<\/h2>\n

Meanwhile, Ethereum layer2 networks spent over $100 billion in gas fees to validate transactions and operate their bridges on the mainnet in November, according to data<\/a> shared by Paolo Rebuffo.<\/p>\n

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In November 2022 for the first time, L2 systems consumed more than 100b gas to validate transactions and operate their bridges on L1. 6 months ago in May 2022 the 50b gas threshold was exceeded for the first time.
A doubling time of the gas consumed by the l2 systems of 6 months. pic.twitter.com\/hgUmKrx9pl<\/a><\/p>\n

— funnyking.eth zkHODLER \ud83e\udda6\ud83d\udc1b\ud83e\udd88 (@PaoloRebuffo) November 28, 2022<\/a><\/p><\/blockquote>\n