Hedgehog Analyzes Gas Fees Volatility v.0.1 In our previous articles and threads, we have explored gas fee volatility and made it clear that a significant part of gas demand is quite inelastic; that is, even with prices going up, users keep using Ethereum. If we look at the top 30 gas guzzlers of the past seven days, we'll notice that some of the biggest players' gas consumption slowly gains share against other players. They're already consolidated and driven by market sentiment, as in the case of Uniswap and stablecoins, which are the biggest ones in the chart above. Then, we notice quite a few spikes that gain significant share for a day or a few days and then disappear. These are the most inelastic demands for gas fees and what drives random volatility in the ecosystem. These events are airdrop/token claiming events, NFT claiming, or random narratives that sprout in the market that individuals feel FOMO or are incentivized to claim fast. These random events make the market even more unpredictable (for the uninformed). Today, as an example, @PolyhedraZK launched its airdrop. Because of that, it currently consumes 30% of the gas of the top 30 gas guzzlers identified by the green areas. In events like this, informed players like Polyhedra or anyone familiar with gas prices could use Hedgehog to profit from the price increase by trading the BaseFee token or simply hedge against this gas spike using the Hedgehog dApp. Several opportunities like this happen every day in this market. Follow us as we continue to share insights like this over the weeks, and be the first to know when our Testnet goes live and when you'll be able to trade gas fees.