Gas usage for stablecoins, NFTs on Ethereum continues decline

Quick Take

• Ethereum gas usage by transaction type, specifically at stablecoins and NFTs, continues to drop.
• Stablecoin gas usage is currently at three-year lows, roughly 5% of the total gas usage, according to Glassnode data as of June 9.
• USDT makes up over 75% of gas usage on Ethereum. However, this demand seems to be continually migrating to Tron as 46 billion USDT out of the 82 billion USDT currently sits on Tron.
• In addition, the NFT gas usage has continued to drop as well. This demand drop has been due to the rise of Bitcoin Inscriptions, which have surpassed ten million inscriptions.

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