Ethereum’s NFT gas usage heads towards a two-year low as inscription demand takes over

meaning

Shows the relative amount (shares) of gas consumed by the Ethereum network by category. Transactions fall into one of the following categories:

• NFTs: Transactions that interact with non-fungible tokens. This category includes both token contract standards (ERC721, ERC1155) and NFT markets for trading them (OpenSea, LooksRare, Rarible, SuperRare).
• DeFi: On-chain financial instruments and protocols implemented as smart contracts, including decentralized exchanges (DEX). This category includes 90+ of his DeFi protocols such as Uniswap, Etherdelta, 1inch, Sushiswap, Aave, 0x.

quick take

• The current gas utilization of NFTs on Ethereum is around 20%, the lowest for 2023, but just above the November low of 16%.
• This is due to the growth of Inscriptions and Ordinals in the Bitcoin ecosystem, which is expected to continue as a long-term trend.
• DeFi is also at its lowest level in two years, using less than 8% of its current gas usage.
• Inscriptions are one of the main stories in 2023, with over 350,000 inscriptions so far this year.

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