About This Project
This project is a simple dashboard that displays the current state of the Ethereum blockchain. Data is fetched from the Alchemy API.
The primary value of is to make transaction fees on the Ethereum network more predictable and efficient. Implemented to overhaul the previous transaction fee system, EIP-1559 replaces the old first-price auction mechanism—where users had to guess and bid a gas price for miners to include their transactions—with a more structured approach. It introduces a base fee, which is algorithmically determined based on network congestion and is burned once the tr EIP-1559ansaction is included in the block.
Ethereum Gas Fees & EIP-1559
The London Upgrade
EIP-1559 was implemented in August 2021 as part of the "London" network upgrade, fundamentally changing how gas fees work on Ethereum.
Key Concepts
- Base Fee: Algorithmically determined minimum fee required for transaction inclusion
- Priority Fee: Optional tip to incentivize miners/validators
- Fee Burning: Base fee is burned, reducing ETH supply over time
How Base Fee Adjusts
Block Gas & Utilization
Understanding Block Gas
Every Ethereum block has a maximum amount of computation it can perform, measured in gas units. The current target is approximately 15 million gas per block. This dashboard tracks the relationship between gas used and gas limit as a percentage.
Gas Limit
The maximum amount of gas that can be consumed in a single block, setting an upper bound on computation per block.
Gas Used
The actual amount of gas consumed by all transactions included in a block.
Gas Ratio
The percentage of available gas actually consumed, directly influencing the base fee adjustment.
Key Insight
There's a direct relationship between gas utilization and base fee changes: When blocks are consistently full (high utilization), base fees rise to reduce demand. When blocks are consistently empty (low utilization), base fees fall to stimulate demand.
Unexpectedly Clear EIP-1559 Explanation
Check out this severely underrated explanation of how EIP-1559 transformed Ethereum's gas fee mechanism by one of my favorite blockchain youtube thinkers, Jordan McKinney.
ERC20 Token Transfers
What are ERC20 Tokens?
ERC20 is a standard interface for fungible tokens on Ethereum. It allows tokens to be transferred and managed using a common set of functions.
This dashboard tracks transfer volume for selected ERC20 tokens across blocks, allowing you to visualize token activity in real-time.
Popular ERC20 Tokens
USDCUSD Coin - Stablecoin pegged to USD
DAIDecentralized stablecoin by MakerDAO
UNIUniswap governance token
Real-time Blockchain Monitoring
This dashboard uses WebSocket connections to listen for new blocks as they're produced on the Ethereum network. Here's how the real-time monitoring system works:
Technical Implementation
WebSocket Connection
The application establishes a persistent WebSocket connection to an Ethereum node through the Alchemy API.
Block Header Subscription
We subscribe to new block headers, which are published approximately every 12 seconds.
Data Enrichment
When a new block is detected, we fetch additional data about gas usage and token transfers.
Real-time Updates
The UI automatically updates with the new block data, keeping the charts and table current.
Why Real-time Matters
Real-time blockchain data enables traders, developers, and researchers to observe market conditions, gas price fluctuations, and network congestion as they happen, providing valuable insights for decision-making.