What Happened on April. 20th | What Caused the Mainnet Gas Soaring?

TI Research

For the past few days, gas costs on the Ethernet mainnet have been persistently above 50-60. The crypto community discovered that the significant increase in mainnet gas costs is surprisingly due to a single address jaredfromsubway.eth (0xae2Fc483527B8EF99EB5D9B44875F005ba1FaE13) taking up over 7% of all gas spent per day.

Dune Analytics (Ethereum Gas) data shows that in the past 24 hours, jaredfromsubway.eth (the address starting with 0xae2 in the picture) has spent gas worth 650 $ETH, valued at approximately $1,291,708, accounting for 7.1% of the entire network's data; in the past week, the address has spent 1,910.29 $ETH, valued at approximately $3,915,090, accounting for 5.61% of the entire network's data.

According to the analysis, jaredfromsubway.eth is a MEV bot with a passion for meme coin trading (e.g. PEPE, WOJAK, etc.). Etherscan data shows that jaredfromsubway.eth has been trading at a high frequency in seconds, which means that its operations cover almost every Ethereum block.

Many KOLs on Twitter have also been saying that their trading has been sandwiched by jaredfromsubway.eth.

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