The Solana Gas Fee Trend

In this article, we seek to visualize how much has been paid in gas fees (USD) each day since the beginning of January. Additionally, we visualize how much per transaction has been paid in gas fees (USD). Do fees fluctuate, or does the amount remain consistent?

In 2020, the Solana protocol and its token, SOL, were launched. An innovative aspect of its protocol is a proof-of-history consensus, which increases scalability and is therefore more usable. Solana has an excellent developer community, as well as a very high level of liquidity. Besides being able to support high numbers of transactions per second, Solana’s key advantage is its cost efficiency. Solana’s average cost per transaction is $0.000025. Solana has an extremely low fee compared to other blockchains, which is one of the main advantages for users.

The graph below shows how much gas was used per day on Solana blockchain. December 24, 2021 observed the maximum total gas fee(USD), $55.3K, and January 22, 2022 observed the minimum total gas fee(USD), $5.13K. From Dec8,2021 onward, almost 40% of total gas fees (USD) have been reduced. Total gas fees (USD) show a decreasing trend. For January 21, 2022 and January 7, 2022, gas fees (USD) were lower than normal.

Here are the average daily gas prices per transaction in SOL tokens, which can be seen from the below graph.In January 21, 2022, a maximum gas fee(SOL) of 0.0000053 was observed, and a minimum gas fee(SOL) of 0.0000051 was observed in December 23, 2021. Gas prices in (SOL) per transaction are declining.

In December 20, 2021, we observed a maximum gas fee(USD) of $0.0010107 and a minimum gas fee(USD), $0.0004578, in January 20, 2022. From Dec8,2021 onward, almost 40% of total gas fees (USD) have been reduced. In terms of gas fees per transaction in USD, we can see a downward trend.

We can see in the following graph how much gas has been paid in SOL tokens per day and how many transactions were held in a given day based on that price.

During Nov 2021, the Solana price reached an all-time high of $260. Suddenly, from Jan 2022 onwards, it fell dramatically. According to the SOL token price even the gas price per transaction in USD was became low .We can see that the maximum gas fee increased suddenly on Jan 19,2022. In addition, we can see that the number of transactions decreased in the following 2 days. Again, if the price of gas remained stable, we can see a rise in transactions again.

When we analyze the daily total gas fee on Solana, we can see that it has been decreasing, and we can also see a decreasing spike near January 21st and 22nd of 2022. Furthermore, on Dec 8,2021 , Jan 7,2022 and Jan 21,2022 we can see a spike in the average gas price per transaction in SOL tokens that is greater than what we see on the other dates. They are happening because the SOL price rose significantly by many times, and also the transaction fee grew proportionately.

Leave a Comment

Your email address will not be published. Required fields are marked *