NFT Marketplaces Diminish in Ethereum Gas Use Amid Fee Crisis
Ethereum’s gas consumption patterns, Non-Fungible Tokens (NFTs) no longer reign as the top gas guzzlers on the network. Data from the crypto analytics platform Nansen revealed that last week, NFT marketplaces accounted for just over 3% of all gas consumption. In stark contrast, the decentralized exchange Uniswap used more than ten times that amount, clocking in at 31.99%. Highlighting the development, Nansen tweeted. The Ethereum network’s congestion and high gas prices are attributed, in part, to intense activity caused by a surge in meme coin trading, such as PEPE tokens and Floki Inu. This led to an overflow of transactions and, subsequently, skyrocketing gas prices. Ethereum’s community has responded to these challenges, and various Layer 2 (L2) scaling solutions have been proposed to reduce gas prices. Layer 2 solutions, such as state channels, plasma chains, and rollups, aim to offload some computational workloads from the main Ethereum blockchain, thereby reducing the need for gas and its cost. One trader was reported to have paid as much as 64 ETH.
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