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Ethereum (ETH) Median Gas Usage Hits 2-Year High: Analysis

u.today 06 October 2020 04:50, UTC
Reading time: ~2 m

In its recent tweet, Glassnode analytics data provider announced that median Gas usage on Ethereum blockchain has increased and reached a two-year high.

Along with that, on-chain fundamentals regarding ETH retail wallet holders have also improved.

Ethereum median gas usage surges

Glassnode analytics data vendor has revealed that by today, Oct. 5, the median gas usage on Ethereum has reached a two-year high.

The record achieved here amounts to 41,866.375, with the previous high for the same period shown on Sept. 17.

📈 #Ethereum $ETH Median Gas Usage (1d MA) just reached a 2-year high of 41,866.375

Previous 2-year high of 41,848.917 was observed on 17 September 2020

View metric:https://t.co/lNn8dHPImc pic.twitter.com/8k4N9AQfr8

— glassnode alerts (@glassnodealerts) October 5, 2020

This metric indicated high recent activity on the Ethereum network, which could be caused by a large splash of transactions on DeFi. Those are mostly related to yield farming, when users lock their ETH in Ethereum-based decentralized platforms to receive ERC20 tokens and invest or trade them, or simply to get their percentage for staking.

One of the most popular DeFi platforms of late has been the Uniswap dex.

On Sept. 16, the exchange announced a massive giveaway of their newly launched UNI token, and that pushed the amount of ETH miner fees to $1 mln in a single hour.

Besides, ETH gas fee spiked to 700 Gwei, which is around $5.66.

ETH wallet on-chain data shows new ATHs

Data shared by Glassnode also demonstrated that the amount of retail ETH wallet holderswith non-zero ETH wallets and those containing 0.01 ETH and 0.1 ETHhas substantially increased and reached several all-time highs.

The metric value for the first two has shown an increase by approximately a thousand addresses since Oct. 4.

📈 #Ethereum $ETH Number of Non-zero Addresses just reached an ATH of 47,493,642

Previous ATH of 47,492,847 was observed on 04 October 2020

View metric:https://t.co/beS1MtIgAZ pic.twitter.com/hw8RdNdKVY

— glassnode alerts (@glassnodealerts) October 5, 2020

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