One of the aspects that has been plaguing the Ethereum (ETH) blockchain recently is the cost of the gas price to make a transaction.
In fact, judging from the statistics, this is continuing to increase in a way that is really unsustainable for users.
Because of this inconvenience, many people are wondering if there are solutions to save on this resource that affects the entire network, so not only the cryptocurrency itself but also all the various tokens and projects that have been created on this blockchain.
Well, the Italian DEXTF Protocol team analyzed several data in order to get a detailed report on transaction movements and see when the network is freer to understand when to spend less on gas.
It turns out there’s a range of time (on average) in a day in which gas prices are relatively cheap and acceptable. If you are a Ethereum network participant, developer or a DeFiant this is for you! Credits to @marchioro_marco. #TBC #eth #gashttps://t.co/qPQxGqQddI
— DEXTF Protocol (@DextfP) July 26, 2020
The report in question first explained the method used to retrieve all transaction data, so as to have an objective basis from which to start.
Then it defined the details based on historical data to actually see if what happened in the past is repeated and then check how the cost of gas has evolved, which we remember is measured in Gwei.
This is what emerges:
- In the first periods of 2015, the cost of gas constantly exceeded 50 Gwei;
- In a second period, from 2016 to 2017, only a few times the cost of gas exceeded 50 Gwei;
- In a third period, from the end of 2017 to 2019, despite the volatility of the price of gas, it never exceeded 75 Gwei;
- And finally from 2020, the cost of gas began to rise and always exceed 50 Gwei.
Going to analyze specifically the last year and the last weeks, starting from last Monday, we can see that in the UTC time zone there is greater activity between 2 am and 9 am, and between 2 pm and 9 pm, almost identical times in all these years.
If we move to the present day, we can see that the shorter hours, and therefore those with a lower gas cost range, go from 8pm to 11pm UTC.
So, for the European users we have to wait until the evening to get a real benefit on the Ethereum transactions and save something on gas, which is no small advantage especially if you use the instruments of decentralized finance (DeFi).