The Ethereum (ETH) blockchain doesn't sleep, but people do, and this means that the time of day can be used to its own advantage to pay for lower transaction fees.
"To save on gas prices, the best time to submit our transaction is early weekend morning in Singapore and the worst time is Thursday at 8 PM (12 PM UTC) Singapore time," according to Marco. Marchioro, chief scientist at the blockchain startup DEXTF.
Marchioro pointed out that there are more transactions during the Asian day, which means that one can save on the price of gas by waiting until the early hours 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 send transactions between 2 AM (18:00 UTC) and 8 AM (12 AM UTC) Singapore time. Also, "the worst time during the week for gas prices is observed on Thursdays at noon UTC, or 8 PM in Singapore."
The report indicated that there is a positive average surplus during weekdays, while the gas price surplus remains negative for most of the weekend, with small positive peaks at 14:00 and 15:00 UTC in both. days. "This means that, to save fuel, on average, it is better to wait for the weekend to send transactions to the Ethereum blockchain."
"With the growing presence of insomniac and sleepless robots, and the rapid evolution of artificial intelligence, we expect to see in the coming years a decreasing periodicity per hour or week in transactions across all blockchains," said Marchioro of DEXTF.
Meanwhile, crypto entrepreneur George Harrap added that “the rise of the cryptocurrency market has depended on Asia since the beginning of Mt.gox 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