HomeNewsFueling the Shift: Gas Usage for Stablecoins and NFTs on Ethereum Keeps...

Fueling the Shift: Gas Usage for Stablecoins and NFTs on Ethereum Keeps Declining as Bitcoin Inscriptions Surge

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  • Gas usage for stablecoins and NFTs on Ethereum is currently at a three-year low, marking a significant shift in the cryptocurrency landscape.
  • In the midst of this, Coinbase has had its outlook downgraded from stable to negative by Moody’s, reflecting broader market turbulence following lawsuits against Binance and Coinbase.

The cryptocurrency landscape is witnessing a pivotal shift as Ethereum’s gas usage, specifically for stablecoins and Non-Fungible Tokens (NFTs), continues to decline. According to Glassnode data, as of June 9, stablecoin gas usage sits at a three-year low, accounting for approximately 5% of total gas usage. Furthermore, USDT, the leading stablecoin, contributes over 75% of the gas usage on the Ethereum network.

However, the landscape of crypto transactions is evolving, with Bitcoin Inscriptions continuing to gnaw at Ethereum’s market share. This recent shift could potentially redefine the underlying dynamics of the crypto space.

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In parallel with the alterations in Ethereum’s gas usage, the crypto market has been facing significant turbulence. Realized losses have surpassed profits following lawsuits against Binance and Coinbase, two leading crypto exchanges. Moody’s, a well-known credit rating agency, has also downgraded the outlook for Coinbase from stable to negative, further indicating the rough weather currently experienced in the crypto industry.

An interesting detail to note is that the Securities and Exchange Commission (SEC) lawsuits seem to have a more significant impact on crypto securities compared to crypto commodities. This disparity suggests a differential effect of regulatory actions on various segments of the crypto market.

Looking at equity trends, there is a noticeable pivot from crypto and metaverse to Artificial Intelligence (AI). This shift can be seen as a representation of the dynamic and ever-evolving nature of the technology sector, reflecting market sentiment and potentially indicating future trends.

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Jack Williams
Jack Williams
As a Blockchain Analyst, I specialize in analyzing the performance of decentralized systems and optimizing their efficiency. Through data analysis, I provide insights on blockchain technology, smart contracts, and cryptocurrencies to help businesses make informed decisions and improve their operations.
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