According to data from Etherscan, the Gas Price of the Ethereum network has experienced significant growth since mid-September. It originally climbed from less than 5 Gwei to more than 25 Gwei. Many Ethereum supporters believe that this is the reactivation of the Ethereum network. Signs of getting up.
However, when we look at the number of daily active addresses on Ethereum, we see that the number is actually falling, suggesting that the recent increase in gas prices is not due to a pickup in overall network activity.
According to blockchain data platform Artemis, as currency price fluctuations bring arbitrage space to the on-chain market, MEV robots bid for transaction confirmations in order to obtain arbitrage opportunities. This suggests that the growth in Ethereum Gas Price is primarily due to MEV bot arbitrage activity, rather than natural growth in network usage.
Ethereum Gas is spiking Why?We found jaredfromsubway.eth and other MEV bots are behind the recent rise in gas fees.Jaredfromsubway.eth spent $352,127.48 in gas on 9/23 and over $2.6m in gas last week. pic.twitter.com/z3pTxfA8su
— Artemis (@artemis__xyz) September 25, 2024
Among them, Ethereum’s most famous MEV robot jaredfromsubway.eth has always topped the list of recent gas consumption on the Ethereum network. From September 15 to now, the robot has paid a cumulative gas fee of 86,630 ETH, with a total value of more than 200 million US dollars.
Source
