The use of the Ethereum network is neutral, but a contract has been a constant presence, burning 20% of all gas on a regular basis.
An intelligent contract constantly draws attention to the Ethereum service station, regularly consuming nearly 20% of all gas. This Tuesday, its use of gas was once again extremely high. The to contract continues to send a digital asset: the LPT token of the Livepeer network.
LPT, which for now has no information on prices, is issued in a complex mechanism known as Merkle Mining. In fact, Livepeer users use a small amount of Ethereum (ETH) to order a new tranche of tokens. The units are distributed by the intelligent contract and leave a record on the main chain of Ethereum. However, these actions burn gas for transaction costs and as the network and distribution of Livepeer grows, the impact also increases.
Starting at 6:00 UTC, the use of gas has increased from 20% to 28% and more over the course of an hour. The use of the contract fluctuates, often falling below 10%. But the LPT token distribution is a constant element of Ethereum now. Utilization peaked at 28.94% of all gas.
For now, the effect on general gas prices is limited because LPT transactions are not a priority. During FOMO 3D congestion, regular fees were higher than $ 0.50, but the ETH send price is still $ 0.03 now, which is higher than usual but not exorbitant.
Within the Livepeer network, there is also some competition to send a token request. Sometimes, another user can send the same mining transactions at a higher gas rate, surpassing the other participants in the network.
The main task of the Livepeer network is transcoding files for streaming using distributed computing work. The LPT token is apparently paid for this type of calculation work. This mining and targeting through the main Ethereum network began in May 2018.
Livepeer's network seems to find a real application for Ethereum even if the use of gas is not for the calculation of transcoding itself but for sending and receiving a token.