meaning
Shows the relative amount (shares) of gas consumed by the Ethereum network by category. Transactions fall into one of the following categories:
- Stablecoin: A fungible token with value pegged to an off-chain asset by an issuer or algorithm. This category includes over 150 stablecoins, with USDT, USDC, UST, BUSD and DAI being the most prominent.
quick take
- In terms of gas usage by transaction type, stablecoin gas usage increased by more than 6%, setting a new all-time high in 2023.
- The collapse of FTX caused a recent spike late last year, but in aggregate, stablecoin usage is now higher than it was in 2022.
- USDT is 5% of total stablecoin gas usage, with the recent outflow of BUSD seeing a wave of inflows.
- USDC is only 1.5% of stablecoin gas usage on Ethereum, but has benefited slightly from the demise of BUSD.
Surge in post-Ethereum gas usage for stablecoins. Primarily his influx into USDT first appeared on CryptoSlate.
