Ethereumgas usage, especially in the context of stablecoins and non-fungible tokens (NFTs), has reached a major milestone, according to the latest data.
Stablecoin gas usage accounted for about 5% of the total gas consumption of the Ethereum network as of June 9, a three-year low.
The reduction in gas usage can be attributed to a variety of factors, including the growing popularity of alternative blockchains and the emergence of new trends in the cryptocurrency market.
Among stablecoins, USDT (Tether) dominates the Ethereum network, accounting for more than 75% of the gas consumed.
However, this demand appears to be gradually shifting to the TRON blockchain, as approximately $46 billion of the total USDT supply of $82 billion is now held on TRON.
In addition to stablecoins, the demand for Gas in the NFT field has also continued to decline. This decline in usage is largely influenced by the growing prominence of bitcoininscriptions, an innovative form of digital art. Currently, the total number of ordinal inscriptions minted has reached an impressive 11,465,701 tokens.
While Ethereum has long been the leading blockchain for stablecoin trading and NFT activity, recent trends indicate that the ecosystem is diversifying.
With the rise of alternative blockchain platforms offering competitive gas fees and specialized features, it is not surprising to witness a redistribution of usage between different networks.
Industry experts have highlighted several reasons for the decline in Ethereum gas usage. First, high gas fees on Ethereum are a deterrent to users, especially for smaller transactions. Ethereum has lost market share as users seek alternative blockchains with lower fees as gas fees spike during periods of network congestion.
Additionally, the advent of scalable second-layer solutions and sidechains provides users with a more cost-effective alternative to the Ethereum mainnet. These solutions, such as Optimism and Polygon, offer faster and cheaper transactions while still benefiting from the security and interoperability of the Ethereum network.
However, it is worth noting that Ethereum still maintains its position as the most widely adopted and versatile blockchain platform, with a vibrant developer community and a wide range of decentralized applications (dApps). While the reduction in gas usage for stablecoins and NFTs may reflect a changing landscape, Ethereum’s overall dominance of the blockchain industry remains intact.