Projects running on Ethereum have to spend a lot of gas to keep their service operational. For popular projects, this means burning a lot of Ether in the process. The current statistics provided by Ethgasstation paint an interesting picture. It also shows which of the projects are successful compared to others.
IDEX Remains Popular
Over the past year or two, cryptocurrency enthusiasts have begun appreciated decentralized exchanges. Most of these trading vehicles focus on Ethereum and its native tokens. IDEX is one of those platforms and a popular one to boot. Statistics confirm the project spent 219 Ether, or $46,600 in gas over the past 30 days. A very interesting figure, as it makes the project more popular than MakerDAO, CryptoKitties, and a lot of other offerings.
ChainLink Enters the top 5
Most cryptocurrency users are familiar with ChainLink. It is a blockchain project which generates a fair bit of attention every few months. It is also one of the more active projects running on top of Ethereum today. By spending 267 Ether in gas, or $56,500, it is evident that success has a cost. Even so, it seems this project isn’t too bothered by these fees in the slightest.
The Nameless Address
It is intriguing to see how one particular Ethereum address generated a high amount of fees. The smart contract associated with address 0xae9b8e05c22bae74d1e8db82c4af122b18050bd4 has seemingly generated 305 Ether in gas, worth roughly $65,300. That in itself is pretty interesting, as this address has no real balance to speak of. It is unclear if this is associated with a game, project, or test.
Maximine Coin Ranks #3
Cloud mining and cryptocurrency is not necessarily a match made in heaven. For Maximine Coin, it seems the business model is working quite well. The self-professed transparent distributed pool revenue system notes a decent amount of overall transactions. Because of this, the project ranks $3 in terms of gas spending over the past 30 days. A total of 320 Ether, or $67,500 has been spent on transaction fees. Quite a steep amount primarily because its average gwei is rather high compared to other projects.
Tether USD Isn’t in the Lead
Ever since Tether’s USDT token was issued on Ethereum people have wondered if there is a genuine demand for it. Based on its Ether spent on gas, one would be inclined to believe that is the case. The Tether USDT contract spent 997 Ether in fees over the past 30 days, which equals to $211,000. It is a lower amount than people expect from a multi-billion dollar project. However, Ethereum is one of three blockchains supporting USDT at this time.
More Gold Coin (Possible Scam)
The top-spending Ethereum project goes by the name of More Gold Coin. It appears this project has a “potential scam” tag attached to it right now, which means users should steer away from it altogether. Putting that aside for a moment, it is the top spender in terms of Ethereum gas over the past 30 days. A total of 978 ETH has been spent, which is lower than Tether. However, the value of that Ether at the time of spending sits at $212,000. which makes it the leader by a small margin.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency or digital currency.