Ethereum Network Fees Continue to Drop — Transfer Fees Hit Lowest Rate in 6 Months
It’s getting cheaper to send ethereum these days as the gas price to push a transaction is more than 80% less expensive than it was to transact with ether 48 days ago on January 10. On that day, Ethereum network fees wer...
Archive context
Older archive item. Useful for background and entity history, but not a fresh market-moving signal.
It’s getting cheaper to send ethereum these days as the gas price to push a transaction is more than 80% less expensive than it was to transact with ether 48 days ago on January 10. On that day, Ethereum network fees were around $52 per transaction and today, the average transaction fee is $10.26 per transfer. While on-chain fees are cheaper, layer two (L2) transactions have followed suit dropping significantly during the last seven days.
Ethereum Gas Fees Continue to Slide
It’s a lot less expensive to transact with the Ethereum (ETH) network on February 27, as average size fees are down to 0.0039 ETH or $10.26 per transfer. The last time Ethereum network fees were this low was six months ago, back in late-August 2021.
Currently, with average fees at $10.26 per transfer, it’s 80.26% cheaper than it was transferring ETH on January 10, 2022. At that time over a month ago, the average transaction fee was $52 per transaction.
Ethereum fees have been sliding downward ever since that day and median-sized gas fees have followed. While the median-sized gas fee was $29 in ether 48 days ago on January 10, today it’s down 84.31% lower at 0.0017 ETH or $4.55 per transfer.
L2 transactions are also cheaper than on-chain transactions since gas fees have plummeted. Currently, the lowest L2 fee to send ethereum is by leveraging Loopring for $0.13 per transfer. To swap tokens with Loopring, the gas fees will cost $0.66 per swap at the time of writing.
Loopring is followed by Zksync ($0.16), Polygon Hermez ($0.25), Arbitrum ($0.56), Boba Network ($0.99), Optimism ($1.24), and Aztec ($4.23) in order to push an ethereum (ETH) transaction via L2.
The cost to swap tokens through these L2 platforms is $0.39 using Zksync, $0.78 leveraging Arbitrum, $1.66 via Boba, and $1.83 Optimism.
On-chain fees on the Bitcoin (BTC) network are also lower at 0.000000086 BTC per byte on February 27, 2022, which equates to 0.000032 BTC or $1.20 per transaction. Moreover, the median-sized bitcoin fee on Sunday is roughly 0.0000078 BTC or $0.29 per transaction.
What do you think about average transaction fees on the Ethereum network dropping? Let us know what you think about this subject in the comments section below.
Why this matters
This ethereum story adds another data point to the current market tape and is useful when read alongside nearby source coverage.
Original source
Read on Bitcoin NewsRelated market context
Bitget Hacker Moves $78.6M in Bitcoin, Sends $63.4M Through 66 CoinJoin Transactions
Key Takeaways: In six days, Arkham recorded a loss of 1,052.34 BTC valued at $78.61 million from wallets that were identified as b...
Ethereum Gas Fees: From Wallet Estimate to Final Cost
Gas measures computational work. A real Ethereum transaction shows why a spending ceiling can exceed the fee finally charged.... R...
Ethereum Dancing on Two Fronts as Quantum Upgrade Advances and Treasury Leverage Bites
Ethereum developers want to upgrade the network to be quantum-ready by 2027, potentially accelerating one of its biggest security...
Jupiter Crypto Trading on Its Own Fundamentals: JUP USD Breaks Away From Market Sell-Off
Jupiter (JUP) is refusing to follow the crypto market lower. While Bitcoin and major altcoins are experiencing a bloodbath, the So...
Arca’s Jeff Dorman Calls Vitalik Buterin’s ETH Store-of-Value Pitch ‘Really Misguided’
Jeff Dorman said on Unchained that Ethereum co-founder Vitalik Buterin‘s case for ETH as a store of value is “really misguided.” D...
Ethereum and Layer 1s Explained
Ethereum 101 explains how Ethereum made blockchains programmable. It covers smart contracts, accounts and the EVM, ETH and gas fee...