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OpenSea NFT Major Yet Again Surpassed Uniswap by Gas Consumption. What Does This Mean?

Mon, 01/31/2022 - 10:28
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Vladislav Sopov
Ethereum (ETH) network has new leader in terms of gas consumption: Uniswap is dethroned yet again
OpenSea NFT Major Yet Again Surpassed Uniswap by Gas Consumption. What Does This Mean?
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Nansen, a top-tier on-chain analytical team, has noticed an interesting "flippening" on the Ethereum (ETH) network. Does it mean that the bear market has not arrived yet?

OpenSea consumes more gas than Uniswap: Nansen

Mr. Alex Svanevik, CEO and founder of Nansen, has taken to Twitter to share that OpenSea, the largest marketplace for non-fungible tokens, is now the #1 gas consumer of the entire Ethereum (ETH) network.

Uniswap (UNI), the most popular decentralized cryptocurrencies exchange on Ethereum (ETH), is now dethroned by an NFT heavyweight.

Mr. Svanevik added that this is not the first time a flippening has taken place. According to Nansen's State of the Crypto Industry Report 2021, OpenSea consumed more gas than Uniswap in September-October 2021.

Related
Axie Infinity's RON Token Launch Is Scheduled. Why Is This Crucial?

Also, Axie Infinity play-to-earn ecosystem was the top consumer of Ethereum's gas before switching to Axie's own sidechain, dubbed Ronin.

Ethereum median transaction fees at five-week lows

This "flippening" most likely means that crypto markets have just entered the next wave of NFT euphoria despite a prolonged dropdown of crypto capitalization.

As the Ethereum (ETH) price attempts to stay above the $2,500 level, median and average gas fees on flagship smart contracts platforms target monthly lows.

Ethereum transactions fees drop
Image by Bitinfocharts

According to Bitinfocharts explorer, Ethereum (ETH) fees are three times lower than three weeks ago.

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About the author

Blockchain Analyst & Writer with scientific background. 6+ years in IT-analytics, 3+ years in blockchain.

Worked in independent analysis as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)

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