The Ethereum network requires users to spend gas for completing transactions. This applies to all products and services accessed via this blockchain. Tether continues to burn over $1m in gas every month, but various DEXes are climbing the ranks as well.
Tether Remains the big gas Spender
For quite some time now, Tether has dominated the Ethereum gas charts. Since issuing its USDT stablecoin as an ERC20 token, the demand has been pretty steep. As more USDT is minted on the blockchain, the associated gas fees will keep climbing.
Over the past 30 days Tether spent over 4,670 Ether on gas fees alone. They did so at an average of 51 gwei per transaction. This results in a USD value of $1.12 million being spent on network fees alone. A very steep amount, but it is nothing out of the ordinary for this company either.
The Rise of DEX Contestants
One interesting development is how decentralized exchanges are climbing the ranks. The vast majority of DEXes are built on top of Ethereum. As such, their core service revolves around exchanging Ether for ERC20 tokens in a convenient manner. With overall DEX trading volume on the rise last month, it is only normal to see these companies burn a lot of gas as well.
Uniswap V2 is the first decentralized exchange on the list. It has spent over 1,600 Ether at an average of 52.4 gwei. Processing transactions quickly is crucial for any trading platform. With just over $384,000 in fees spent over the past 30 days, interest in this platform seems to be picking up. This further validates the service provided by Uniswap v2 as a leading DEX.
Second on the list is 1Inch exchange. It is a bit of a different breed, as this is a DEX aggregator. Users benefit from splitting orders across multiple trading platforms to achieve the best rates. There is a genuine interest in this platform, judging by the gas fees. Spending over 437 Ether at 47 gwei yields an expense of $105,000 for the month.
Both IDEX and Kyber Network provide virtually the same results. These two DEXes have both spent a lot of Ether on gas. Although Kyber Network spent 6 ETH less, and used a lower gwei setting, the USD value difference is just $1,200.
Having three DEXes in the top 10, as well as 1 aggregator, further shows that decentralized exchanges are here to stay.