The non-fungible tokens (NFTs) category accounted for 28% of all gas usage in the first month of the year, according to analysis by CryptoSlate of the gas usage shares of various transaction categories on the Ethereum (ETH) network, Cryptoslate noted.
Cryptoslate further noted that according to the analysis, there are eight different types of transactions on the ETH network: Vanilla, ERC20, Stablecoins, DeFi, Bridges, NFTs, MEV Bots, and others.
Cryptoslate stated that with 8% each for decentralised finance (DeFi) and ERC20 and 6% each for stablecoins, the second, third, and fourth categories that accounted for the majority of gas usage by share were revealed to be DeFi, ERC20, and stablecoins.
The breakdown of stablecoins’ shares in gas usage highlights USDT’s dominance even more. Gas usage shares for significant stablecoins at the start of 2018 are shown in the graph below.
Even though USDT continues to be the most popular stablecoin, its market share fell noticeably from 11% to 4%. On the other hand, USDC first appeared on the graph in early 2020 and has been gradually but steadily increasing its share of gas consumption ever since, Cryptoslate noted.
(With insights from Cryptoslate)