#ETH Mainnet Gas prices between 1-5 gwei for most tx for the last week, except
Bounty: I will give 1 ETH to someone who spelunks the data and figures out why the (very short) spike.
Best written theory by consensus between myself and Mark Beylin, wins.
The jump in gas price on 11/29 at noon is due to a couple different things. 1 – A number of blocks around 11:45am UTC that time began to fill up. (You can view block fullness data that I queried and used here: https://docs.google.com/spreadsheets/d/1oSqTH5wdBIOsJs9enctCKYeCLkTL9Qq3wOt6ckMZKXI/edit?usp=sharing. Around row 8420, you’ll see most block’s gas usage grow to 99% of block’s capacity. 2 – Increased number of 60gwei transactions coming from this address: https://etherscan.io/address/0x4f01001cf69785d4c37f03fd87398849411ccbba. This is a smart contract that appears to be owned by Upbit, an exchange in South Korea. Each tx uses about 143k gas. I don’t know how to reverse smart contract bytecode, so I can’t tell you exactly what it is. But each transaction uses a method dubbed `makeWallet()` which leads me to believe it is or will be some sort of custodial smart contract. Some quick math (650,000 txs at 60 gwei with 143k gas per transaction is roughly $650k in gas fees paid by using this contract – estimating that they’re overpaying the gas price by about 4x, that’s roughly $400k that they wasted in the last couple of weeks). 3 – Batch ERC-20 transactions of 13+ gwei per tx the block gas limit from this address: https://etherscan.io/address/0xa924a8c222075cf60fcad207fa1240532380a360 So in effect – Usage caused the gas price to spike. Usage is already pretty high, but these transactions ramped up usage above capacity, very quickly causing gas price to spike. I think it was the batch ERC-20 txs that actually pushed blocks over-capacity, in-effect shutting out sub-5gwei txs.
Hello dear. There have been a series of high gasoline limited to transactions at 11h54 on 29 and then over a thousand transactions beginning at 11:30. past noon on 30 all with prices very high petrol. The account had more than one million transactions and has more than 2.6 million eth in the portfolio. However, transactions that occur will occur in bursts and they are not equally distributed. So ... I do not know exactly what it is, but it could be a precursor of what is happening. I imagine that there is a kind of coordinated attempt to raise prices of gasoline at the time, as they can buy a large quantity of hash energy simultaneously and take advantage of high prices of gas.
I dont know what kind of account it is, the comments on etherscan are in chinese, but it had a series of high gas limit transactions at 11:54 am on the 29th, and then over a thousand transactions starting at 11:30 am going past noon on the 30th all with very high gas prices. The account has had over a million transactions and has put over 2.6 million eth through the wallet. However, the transactions that go through it happen in bursts and they are not evenly spread out. So..... unsure exactly what it is but this may be one of the forerunners in what is going on. My educated guess is that there is some kind of coordinated attempt to run gas prices up at that time, as they may be purchasing a large amount of hashing power simultaneously and taking advantage of the high gas prices.