Summary
Asia-Pacific Network Operations and Management Symposium
2022
Session Number:TS7
Session:
Number:TS7-04
An Analysis of Crypto Gas Wars in Ethereum
Kyungchan Ko, Taeyeol Jeong, Jongsoo Woo, James Won-Ki Hong,
pp.-
Publication Date:2022/09/28
Online ISSN:2188-5079
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Summary:
Several years after NFTs first appeared, people begin to use NFT to prove ownership of assets in diverse domains. Then, the value of NFT rapidly increases, and accordingly, interest in the NFT has grown. Because Ethereum has the most active transactions and has a lot of users, many projects use Ethereum to deploy their NFT smart contract. However, Ethereum has a chronic disadvantage of low scalability. During the NFT drop period for famous and popular NFTs, users crowd, resulting in a large number of transactions to get NFTs. The low scalability leads to a fierce competition called the Crypto Gas War. In this work, we choose three famous NFT drop events to collect on-chain data of Ethereum over the drop period in order to analyze the impact of the Crypto Gas War on the Ethereum network in detail. In addition, we analyze the collected data to uncover critical and hidden problems, and present insights to solve them.