Correlation Between Gas Prices and Transaction Value in Ethereum Blockchain

This study examines the relationship between gas prices and transaction values on the Ethereum blockchain, providing a detailed analysis of transaction dynamics and the factors influencing gas price determination. The correlation coefficient between gas prices and transaction values is -0.0273, indicating a very weak and negative relationship. Instead, gas prices are driven by factors such as computational intensity, network congestion, and user prioritization. Functions with higher computational demands, such as mint, recorded the highest mean gas price of 120.45 Gwei, with a standard deviation of 15.30 Gwei, while functions like approve and transfer exhibited mean gas prices of 98.30 Gwei and 110.80 Gwei, respectively. Recipient address analysis reveals a strong concentration of transaction values, with the top recipient address receiving 49.95 ETH consistently, indicating high-value operations directed toward specific accounts. High-gas transactions, defined as those above the 90th percentile, displayed a mean gas price of 191.96 Gwei with minimal variability, while their corresponding transaction values varied widely, with a mean of 23.91 ETH and a standard deviation of 13.66 ETH. These findings provide critical insights into Ethereum transaction behavior, emphasizing the role of function type and user prioritization in shaping gas price decisions. Future research should investigate the impact of network upgrades such as EIP-1559, the adoption of Layer-2 scaling solutions, and temporal trends in transaction behavior to enhance network scalability and cost efficiency as Ethereum continues to evolve.