ETH25 Leaderboard Update – November 9th, 2019
Here’s a brief update on some of the events happening with the biggest gas spenders on the Ethereum network.
Tether reclaimed #1
A month after its collapse, Fairwin finally fell off of the ETH25 Leaderboard. And so, Tether reclaimed the number one position – spending 2.21K ETH ($402K) in the last 30 days. USDT users spent an average price of 21.7 gwei. Tether’s recently been migrating USDT onto the Ethereum blockchain. In fact, there’s now more USDT on Ethereum than Omni.
Chainlink claims the #2 spot
Smart contract oracle solution Chainlink claimed the #2 position on the ETH25 Leaderboard this Friday Nov. 8th, 2019. In the last 30, Chainlink’s contracts have spent a total of 464 ETH ($84.6K) at an average price of 20.7 gwei, A growing number of smart contracts are turning to Chainlink to supply them data on-chain. The Synthetix community has been exploring using Chainlink’s ETH/USD price aggregation feed. Binance recently announced a collaboration with Chainlink that would bring Binance’s data on-chain.
DEXes on the ETH25 Leaderboard Ranked by Total Gas Spent (in the last 30 days)
1. IDEX, ranked #8 on the leaderboard, spent 151 ETH ($27.5K)
2. Eth2Dai, ranked #10 on the leaderboard, spent 132 ETH ($23.7K)
3. dYdX, ranked #11 on the leaderboard, spent 129 ETH ($23.3K)
4. 0x, ranked #16 on the leaderboard, spent 98.4 ETH ($17.8K)
Analysis of dYdX’s gas spending
Ranked #11 on the leaderboard, dYdX users pay some of the highest gas prices with an average of 29.5 gwei. A recent deep dive into Ethereum gas prices by Origin Protocol provides some insight into what’s going on:
“If you need ‘real-time’ transactions, then you have to compete by paying more against everyone else who wants real-time transactions. If enough people are trying to do this at the same time, the required price can spike very rapidly.”
When the cryptocurrency markets are moving, Ethereum network activity increases significantly. Margin traders on dYdX chasing the market demand real-time transactions and are willing to pay a premium to open or close positions in a timely manner.
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