The recent release of Uniswap V4, combined with the development of Unichain — its dedicated blockchain — has led to a significant shift in the Ethereum ecosystem: transaction fees have dropped to historic lows.

Uniswap was previously one of the core applications sustaining Ethereum's transactional demand. Its high on-chain activity consistently dominated the top gas-consuming contracts. However, with this latest upgrade, Uniswap has significantly minimized its gas usage.

Interestingly, while Uniswap’s smart contract is not yet properly tagged across all analytics platforms, we can already see it dropping to the fourth position in gas consumption — a sharp contrast from before, when it often occupied most of the top spots.

This is the list of the top gas-consuming contracts on Ethereum over the past month. Uniswap V4 is in fourth place, even though it hasn't been properly identified yet.

This is the list of the top gas-consuming contracts on Ethereum over the past month. Uniswap V4 is in fourth place, even though it hasn't been properly identified yet.

At the moment, Ethereum's transactional demand is at a minimum, and that role is expected to be taken over by blobs. However, this transition won’t be straightforward, especially since Plectra is set to increase data availability — a change that won’t necessarily lead to higher gas prices. In any case, by selling more block space, some increase in revenue is possible, although without a rise in gas fees, it’s unlikely to be significant