Try Quests to earn FLOWFlipside's World Cup Kick Off: Gas Guzzlers
What is a blockchain gas fee ⛽? → Source
Gas fee is a commonly used term for the cost that certain blockchain protocol users pay to network validators each time they wish to perform a function on the blockchain. Gas serves as an incentive for network validators to record transactions accurately and behave honestly in the upkeep of the protocol. While Ethereum, Polygon and Optimism use the term Gas Fees, other blockchains such as Solana, Algorand and Flow use the term Transaction Fees. Gas comes from the fee’s similarity to the fuel which keeps a vehicle running. Gas fees often come as a surprise to blockchain users. On non-custodial services, where transactions take place directly on the blockchain, gas fees can be wildly unpredictable from one minute to the next.
✍️ Description of Work
In this dashboard, we will review the Gas on Ethereum, Solana, Algorand, Flow, NEAR, Optimism, and Osmosis blockchains. To review Gas on each of the blockchains, we look at the following criteria:
- Total amount USD of gas spent on the chain in the last 30 days
- Daily amount spent on gas by chain tracked over the last 30 days
- Average block gas price and gas spent hourly and daily
- The top 10 addresses on each chain that spend the most on gas in the past month (Top Gas Guzzlers)
- Chart gas spend to network token price
- Average cost of gas in USD per $1,000,000 of liquidity transferred on each chain 30 days
🧠 Methodology
To deal with this bounty, we use ethereum.core, algorand.core, solana.core, osmosis.core, optimism.core, near.core and flow.core schemas and flow.core.fact_events, flow.core.fact_transactions, flow.core.fact_prices, flow.core.ez_token_transfers, near.core.fact_prices, near.core.metrics_daily_gas, near.core.fact_transfers, optimism.core.fact_transactions, optimism.core.fact_token_transfers, osmosis.core.dim_prices، osmosis.core.dim_labels، osmosis.core.fact_transactions، osmosis.core.fact_transfers، solana.core.fact_token_prices_hourly، solana.core.fact_transactions، solana.core.fact_transfers، algorand.core.ez_price_pool_balances، algorand.core.fact_transaction، algorand.core.ez_transfer، ethereum.core.fact_hourly_token_prices، ethereum.core.fact_transactions and ethereum.core.fact_token_balances tables.
In this section we need to explain some concepts and definitions:
Gas and Gas price:
- Gas is a unit that describes the amount of computational effort required by an operation and determines the amount of work of the network nodes. This fee is paid to miners who confirm transactions. Although a minimum amount has been considered for this, if the user wants the desired transaction to be carried out faster, the gas rate must be increased. The price of gas depends on many factors, including the number of transactions, the number of shares and investments in different cryptocurrencies, and the amount of bytecode to process.
Gas limit and Gas used:
- Gas Limit is the maximum amount of gas allocated to the transaction, the amount of which is determined based on the volume of the transaction.
- Gas Used is the Gas used by transaction.
Gas fee (Gas spent):
- The Gas fee is calculated using Gas Limit * Gas Price per Unit. Ethereum, Polygon and Optimism use the term Gas Fees, other blockchains such as Solana, Algorand and Flow use the term Transaction Fees. The transaction fee is actually Gas Limit * Gas Price
Now we need to explain how to calculate Gas fee (transaction fee) for each of the blockchains separately.
⛽ Gas Fee (Gas Spent) in Ethereum
The Gas Fee (Gas Spent) is calculated using Gas Used* Gas Price per Unit.1 So if the gas limit was 20,000 and the price per unit was 200 Gwei, the calculation would be 20,000 * 200 = 4,000,000 Gwei or 0.004 ETH.
We use the fact_transactions table to calculate gas fee in Ethereum. Using the fields gas_price, which is equal to cost per unit of gas in Gwei (10^9), and gas_used, which is equal to gas used by transaction, we obtain Gas Fee, which is equal to:
Gas fee (gas spend) = Gas Used * Gas Price / 1e9
Finally, we convert the gas fee (gas spent) obtained in ETH to USD
select block_timestamp, tx_hash, (gas_price / 1e9) * gas_used as fee, from_address from ethereum.core.fact_transactions
where block_timestamp::date > current_date - 31
⛽ Gas Fee (Gas Spent) in Algorand
There is no concept of gas fees on Algorand. The minimum fee for a transaction is only 1,000 microAlgos or 0.001 Algos. We calculate the amount of Transaction Fee for Algorand using the fee field in the fact_transaction table.
select block_timestamp, tx_id as tx_hash, fee, tx_sender as from_address from algorand.core.fact_transaction
where block_timestamp::date > current_date - 31
Finally, by converting the fee in ALGO to USD, we calculate the amount of Transaction Fee (Gas Spent) in Algorand.
⛽ Gas Fee (Gas Spent) in Solana
The higher block time and block size are why the Solana network offers an incredibly low transaction fee of just $0.00025 per transaction. To calculate the Transaction Fee in Solana, we use the fact_transactions table and the Fee field
select block_timestamp, tx_id as tx_hash, (fee / 1e9) as fee, signers[0] as from_address from solana.core.fact_transaction
where block_timestamp::date > current_date - 31
Finally, by converting the fee in SOL to USD, we calculate the amount of Transaction Fee (Gas Spent) in Solana.
⛽ Gas Fee (Gas Spent) in Osmosis
Transaction fees are paid by any user to post a transaction on the chain. The fee amount is determined by the computation and storage costs of the transaction. Minimum gas costs are determined by the proposer of a block in which the transaction is included. This transaction fee is distributed to OSMO stakers on the network. Validators can choose which assets to accept for fees in the blocks that they propose. This optionality is a unique feature of Osmosis.
To calculate the transaction fee in Osmosis, we use the fact_transactions table and the Fee field. In The Osmosis transaction fee is paid with different tokens depending on the type of transaction (OSMO, ATOM, etc.). First, we get all the tokens with which the fee was paid along with the price of each token, then we calculate fee by the: fee/pow(10, decimal of each token) and multiply it by the price in USD to get the transaction fee or gas spent.
⛽ Gas Fee (Gas Spent) in Optimism
Transactions on Optimism use the same amount of gas as an equivalent transaction would use on Ethereum; however, the standard cost for gas on Optimism is only 0.001 gwei, many times cheaper than Layer 1.
We use the fact_transactions table to calculate gas fee in Optimism. Using the fields gas_price, which is equal to cost per unit of gas in Gwei (10^9), and gas_used, which is equal to gas used by transaction, we obtain Gas Fee, which is equal to:
Gas fee (gas spend) = Gas Used * Gas Price / 1e9
Finally, we convert the gas fee (gas spent) obtained in ETH to USD
select block_timestamp, tx_hash, (gas_price / 1e9) * gas_used as fee, from_address from optimism.core.fact_transactions
where block_timestamp::date > current_date - 31
⛽ Gas Fee (Gas Spent) in Near
On every transaction you send to the network NEAR charges you a fee (aka gas fee). This fee is used to indirectly pay the people that keep the network infrastructure, and to incentivize developers of smart contracts. → Click to read more
To calculate the gas fee (gas spent) in near, we first obtain the value of avg_gas_price in the metrics_daily_gas table, then we join it with the fact_transactions table, then we multiply avg_gas_price by pow(10, 24) so that gas_price in NEAR, then multiply gas_price in gas_used to get the fee as NEAR
select block_timestamp,tx_hash,(gas_price / 1e24) * gas_used as fee, from_address from near_fee_transactions
⛽ Gas Fee (Gas Spent) in Flow
There are two types of fees that occur on the Flow blockchain: variable transaction fees and storage fees.
Segmented Transaction Fees
Transaction fees are applied only once per transaction, at time of execution.
Transactions without a valid payer signature will fail and not be included in a block, prior to when the fee would be charged. If there is no one to charge, the transaction never goes through. If a transaction fails for some other reason, you will still be charged. The fee covers the cost of the network looking at the transaction and thus must be paid even if no change to your account is made.
Transaction fees are charged based upon how much work is done by the transaction during execution, including creating accounts, reading and updating state, and executing of cadence logic. For more information, see Segmented Transaction Fees on Flow.
Storage/Account Fees
The account creation fee is applied only when a new account is created. This fee covers the cost of storing up to 100kB of data in perpetuity. This fee is applied only once and can be topped up to add additional storage to an account.
To calculate the transaction fee in flow, we calculate the fee using the following query:
select block_timestamp, tx_id as tx_hash, event_data:amount as fee from flow.core.fact_events
where event_contract = 'A.f919ee77447b7497.FlowFees' and event_type = 'FeesDeducted' and block_timestamp::date > current_date - 31
✅ Observations
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The total amount of Gas fee or Gas spent in Ethereum in a recent month is 115.9M USD
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The average Gas fee or Gas spent per transaction in Ethereum in a recent month is 3.53 USD
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The highest amount of Gas fee or Gas spent in Ethereum in a recent month is November 8 and 9
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The amount of Gas fee in Ethereum has been almost constant on a daily basis, except for November 8, 9 and 10
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✅ Observations
You can see that with the increase in the price of ETH at the end of October, the amount of Gas Fee in Ethereum is still stable and there is no noticeable change, but with the significant decrease in the price of ETH on November 8 and 9, the amount of Gas Fee has increased significantly. The reason is that the network is busy due to user activity
✅ Observations
- The total amount of Transaction fee or Gas spent in Algorand in a recent month is 15.04K USD
- The average Transaction fee or Gas spent per transaction in Algorand in a recent month is 0.0003 USD
- The highest amount of Transaction fee or Gas spent in Algorand in a recent month is Oct 24 and 25
- The highest average Transaction fee or Gas spent per transaction in Algorand in a recent month is Early November
✅ Observations
- The highest amount of Transaction fee or Gas spent in Algorand in a recent month is on Sunday and Monday and Tuesdays of every week
- The highest amount of Transaction fee or Gas spent in Algorand in a recent month is 11:00 every hour of the day
- In Algorand, the transaction fee is almost the same at all hours of the day, except for 11:00 , which is the highest
✅ Observations
- The highest amount of Transaction fee or Gas spent in Solana in a recent month is on Tuesdays and Wednesdays of every week
- The highest amount of Transaction fee or Gas spent in Solana in a recent month is from 17:00 to 20:00 every hour of the day
- From 00:00 to 13:00, the amount of Transaction fee in Solana is almost constant
✅ Observations
You can see that from Oct 16 to Nov 6, the price of SOL did not change significantly, the amount of Transaction Fee did not change significantly and it shows a stable trend, but with the significant decrease in the price of SOL on November 7, is the amount of Transaction Fee in Solana increased significantly.
✅ Observations
- The total amount of Transaction fee or Gas spent in Osmosis in a recent month is 17.12K USD
- The average Transaction fee or Gas spent per transaction in Osmosis in a recent month is 0.003 USD
- The highest amount of Transaction fee or Gas spent in Osmosis in a recent month is Oct 27 and 28
- The highest average Transaction fee or Gas spent per transaction in Osmosis in a recent month is Late October== and Early November
✅ Observations
- The highest amount of Transaction fee or Gas spent in Osmosis in a recent month is on Thursday and Friday of every week
- The highest amount of Transaction fee or Gas spent in Osmosis in a recent month is from 16:00 to 20:00 every hour of the day
- From 00:00 to 16:00, the amount of Transaction fee in Osmosis is almost constant
✅ Observations
- The total amount of Gas fee or Gas spent in Optimism in a recent month is 16.23K USD
- The average Gas fee or Gas spent per transaction in Optimism in a recent month is 0.001 USD
- The highest amount of Gas fee or Gas spent in Optimism in a recent month is Nov 8 and 9== and ==21 Oct
- The average Gas fee or Gas spent per transaction in Optimism in a recent month is 21 Oct
✅ Observations
- The highest amount of Gas fee or Gas spent in Optimism in a recent month is on Thursday, Wednesday and Friday of every week
- The highest amount of Gas fee or Gas spent in Optimism in a recent month is 16:00 every hour of the day
- From 00:00 to 16:00, the amount of Gas fee in Optimism is almost constant
✅ Observations
- The total amount of Gas fee or Gas spent in Near in a recent month is 7.33M USD
- The average Gas fee or Gas spent per transaction in Near in a recent month is 0.4 USD
- The highest amount of Gas fee or Gas spent in Near n a recent month is from Nov 3 to Nov 9
- The highest average Gas fee or Gas spent per transaction in Near in a recent month is from Nov 3 to Nov 9
- The amount of gas fee in Near has been almost constant on a daily basis, except from Nov 3 to 9
✅ Observations
- The total amount of Transaction fee or Gas spent in Flow in a recent month is 708 USD
- The average Transaction fee or Gas spent per transaction in Flow in a recent month is 0.00002 USD
- The highest amount of Transaction fee or Gas spent in Flow in a recent month is from Nov 3 to Nov 9
- The amount of gas fee in Flow shows a downward trend on a daily basis from mid-October to early November
✅ Observations
- The highest amount of Transaction fee or Gas spent in Flow in a recent month is on Monday, Thursday and Wednesday of every week
- The highest amount of Transaction fee or Gas spent in Flow in a recent month is from 12:00 to 16:00 every hour of the day
- Gas fee or Gas spent in Flow has an upward trend from 00:00 to 14:00 every hour of the day and a downward trend from 17:00 to 00:00
✔️ Conclusion
After review the Gas Fee in Ethereum, NEAR, Optimism, and Osmosis and Transaction Fee in Solana, Algorand and Flow in the last month, we came to the conclusion that the highest amount of Gas Spent and average Gas spent per transaction is related to the Ethereum blockchain and then It is Near, Osmosis is in the next rank, and Optimism is in the fourth rank, Solana and Algorand are in the next ranks, respectively, and Flow has the lowest amount of Gas Spent among these blockchains. Recently, after the collapse of the market and the significant decrease in the price of the tokens of each network, the amount of their Gas Fee has increased significantly, and after the normalization of the price of tokens, the amount of Gas Fee has also taken a constant trend.
