Gas Price Surges 5 Times, Have Ethereum Users Returned?
According to Etherscan data, the Gas Price of the Ethereum network has shown significant growth since mid September, rising from less than 5 Gwei to over 25 Gwei. Many Ethereum supporters believe this is a sign of the Ethereum network's revival.
However, when we examine the daily number of active addresses on Ethereum, we find that this value is actually decreasing, indicating that the recent rise in Gas Price is not due to the overall network activity warming up.
According to Artemis, a blockchain data platform based on memory, the fluctuation of coin prices has brought arbitrage space to the on chain market, so MEV robots bid for trading confirmation in order to obtain arbitrage opportunities. This indicates that the growth of Ethereum Gas Price is mainly due to MEV robot arbitrage activities, rather than the natural increase in network usage.
Among them, Ethereum's most famous MEV robot, jarefromsubway.eth, has consistently held the top spot in recent Ethereum network gas consumption. Since September 15th, the robot has accumulated 86630 ETH of gas fees, with a total value of over 200 million US dollars.
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