Ethereum Fees Drop 35% Since Last Week, Average ETH Gas Fee Still Above $30 per Transfer

According to statistics, Ethereum network transaction fees have dropped 35% from the transfer fees recorded seven days ago. At the time of writing, the average fee to transact with ethereum is 0.0099 ether or $30.85 to $33.04 per transfer. The cheapest Layer two (L2) method to transfer ether on Wednesday is $0.25 per transaction using Polygon Hermez.

While data transfer fees on the Ethereum network have slid 35% in the past week, fees are still considerably higher than most smart contract networks. Seven days ago, ETH fees were $51.24 per transfer and today, metrics indicate it costs $30.85 to $33.04 in gas per transfer. The fee data only accounts for moving ethereum (ETH) as it costs more to interact with a smart contract to move an ERC20 or swap tokens.

The average transaction fees on the Ethereum network are some of the highest fees paid to miners. Median-sized transaction fees recorded on Wednesday are lower and l2fees.info indicates the median fee is around $6.82 per transfer.

While stats from bitinfocharts.com show the median gas fee is 0.0047 ether or $14.78 per transfer. Metrics recording the median-sized ethereum gas fee on January 10, 2022, showed the fee was once $29 per transfer.

Data indicates that while Ethereum network fees have been cheaper, the blockchain still rakes in more fees per day. Metrics show on January 19, the Bitcoin network saw $76.3 million in miner rewards during the last 24 hours, while Ethereum captured $87.1 billion in miner rewards.

At the time of writing, the current average fee to move bitcoin (BTC) is around 0.0000001 per byte or 0.000035 BTC or $1.50 per transfer. BTC’s median-sized network fee is lower at 0.0000078 BTC or $0.328 per transaction on Wednesday.

L2fees.info indicates the cost to move an Ethereum-based token on Wednesday is $15.60 per transaction and to swap a token can cost $34.11 per transaction. The cheapest method of transferring ETH via an L2 solution, is by leveraging Polygon Hermez at $0.25 per transfer, according to l2fees.info data. The Polygon Hermez transfer fees are followed by Zsync ($0.30), Loopring ($0.32), Optimism ($1.42), Arbitrum ($2.14), and Boba Network ($2.38).

What do you think about the current fee rate to move ethereum on Wednesday? Let us know what you think about this subject in the comments section below.