Ethereum gas usage spikes for stablecoins; primarily inflows in USDT

Definition

The relative amount (share) of gas consumed by the Ethereum network by category. Transactions are classified into one of the following categories:

• Stablecoins: Fungible tokens with value pegged to an off-chain asset by the issuer or an algorithm. We include 150+ stablecoins in this category, with USDT, USDC, UST, BUSD, and DAI being the most prominent ones.

Quick Take

• Gas usage by transaction type has seen an increase in gas usage by stablecoins to over 6%, with new highs in 2023.
• The collapse of FTX drove recent spikes at the end of last year, but on an aggregate basis, stablecoin usage is now higher than in 2022.
• USDT is 5% of the total stablecoin gas usage and has seen a wave of inflows due to recent outflows of BUSD. 
• While USDC is only 1.5% of the gas usage of stablecoins on Ethereum but has also slightly benefited from the demise of BUSD.

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