Gas Usage for Stablecoins and NFTs on Ethereum Keeps Declining as Bitcoin Inscriptions Surge

  • Gas usage for stablecoins and NFTs on the Ethereum network is declining, reaching a three-year low and accounting for only around 5% of total gas usage. The leading stablecoin, USDT, contributes over 75% of the gas usage on Ethereum.
  • Bitcoin Inscriptions are gaining traction and taking market share from Ethereum, potentially reshaping the dynamics of the cryptocurrency space.
  • The crypto market is experiencing turbulence, with realized losses surpassing profits due to lawsuits against major exchanges like Binance and Coinbase. Regulatory actions have a more significant impact on crypto securities compared to commodities.

The cryptocurrency landscape is experiencing a significant transformation as Ethereum’s gas usage, particularly for stablecoins and Non-Fungible Tokens (NFTs), continues to decline. Recent data from Glassnode reveals that stablecoin gas usage has reached a three-year low, representing only around 5% of total gas usage. Additionally, the leading stablecoin, USDT, accounts for over 75% of the gas usage on the Ethereum network.

This shift in Ethereum’s gas usage coincides with a rise in Bitcoin Inscriptions, which are gradually eroding Ethereum’s market share. This trend has the potential to redefine the dynamics of the crypto space, highlighting the evolving nature of the industry.

As Ethereum’s gas usage undergoes changes, the crypto market as a whole is facing considerable turbulence. Lawsuits against major crypto exchanges Binance and Coinbase have resulted in realized losses outweighing profits. Furthermore, Moody’s, a renowned credit rating agency, has downgraded Coinbase’s outlook from stable to negative, indicating the challenging conditions prevailing in the crypto industry.

Notably, Securities and Exchange Commission (SEC) lawsuits appear to have a more pronounced impact on crypto securities compared to crypto commodities. This discrepancy suggests that regulatory actions have varying effects on different segments of the crypto market.

In terms of equity trends, there is a noticeable shift from crypto and the metaverse to Artificial Intelligence (AI). This transition reflects the dynamic nature of the technology sector, capturing market sentiment and potentially signaling future trends.

To navigate and gain deeper insights into these shifting dynamics within the crypto landscape, CryptoSlate Alpha provides cutting-edge knowledge and analysis. Access to CryptoSlate Alpha requires authentication using Access Protocol and a stake of 20k ACS (the native token of Access Protocol) in the CryptoSlate pool.

CryptoSlate Alpha offers numerous benefits for its members, including exclusive research and analysis, expert insights on crypto and macro trends, and access to a private Telegram group for live Q&A sessions, monthly roundtable discussions, and more.

In this rapidly changing crypto industry, staying informed is crucial, whether you are an investor or a crypto enthusiast. Understanding the current shifts and their potential impact on the future of the crypto landscape is essential. Stay updated with CryptoSlate for the latest insights and developments.

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