The DeFi protocols deployed on the Ethereum (ETH) blockchain account for less than 8% of the ETH gas usage as of Feb. 10, from 17% in January, according to Glassnode data analyzed by CryptoSlate.
A recent CryptoSlate analysis also revealed that DeFi activity accounted for around 8% of all ETH gas usage in January, while NFTs accounted for 28%.
The chart below represents the gas usage share of major DeFi protocols on the ETH network. Decentralized exchange Uniswap (UNI) accounted for the largest share in gas usage among DeFi protocols in the first half of January.
Even though its share declined from 15% to around 6% on Jan. 18, Uniswap continues to account for the largest share in ETH gas usage.
According to the chart, DeFi protocols other than Uniswap didn’t record an unusual change in their gas shares. It is possible to say that the overall decline in DeFi gas usage was mainly due to Uniswap’s shrinking gas usage share.
Uniswap continues to be the most active DeFi protocol on Ethereum. It became the most used ETH contract in December 2022 and accounted for the largest share in annual gas usage. The protocol facilitated over 15.5 million transactions and consumed over 2.8 million gas in 2022.
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