Here is the Best Time of Day to Save on Ethereum Gas Prices
The Ethereum (ETH) blockchain doesn't sleep, but people do - and this means that the time of day can be used to one's advantage to pay lower transaction fees.
"In order to save on gas prices, the best time is to submit our transaction is the early weekend morning Singapore time and the worst time is on Thursdays at around 8 PM [12 PM UTC] , Singapore time," according to Marco Marchioro, chief scientist at blockchain startup DEXTF.
Marchioro noted that there are more transactions during the Asian daytime, meaning that one can save on gas prices if they wait for the very early morning in Asia. The author particularly mentioned Singapore as "one of the most vibrant places for companies in the DeFi space."
Therefore, on average, the best time to save on fees is to submit transactions between 2 AM (18:00 UTC) and 8 AM (12 AM UTC) Singapore time. Furthermore, "the worst time during the week for gas prices is observed on Thursdays at UTC noon, or 8 PM in Singapore."
The report stated that there is a positive average surplus during the weekdays, while the gas-price surplus stays negative for most of the weekend, with small positive peaks at 14:00 and 15:00 UTC on both days. "This means that in order to save on gas, on average, it is better to wait for the weekend to submit transactions to the Ethereum blockchain."
"With the growing presence of sleepless and unfaltering bots, and the fast evolution of artificial intelligence, we expect to observe in the years to come less and less hourly or weekly periodicity on transactions in all blockchains," DEXTF's Marchioro said.
Meanwhile, crypto entrepreneur George Harrap added that "Crypto's rise has been dependent on Asia since the beginning of Mtgox in Japan."
Finally someone looked at the data and empirically proved the fees rising during Asia hours. Its also correlated with the UTC+8 timezone which means HK/SG/TW + China as youd expect. Thats where the #DeFi users are, everywhere else inconsequential https://t.co/MK9ich5DRU— George Harrap (@George_harrap) August 3, 2020