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 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. Tags in this story Average Fee, Bitcoin, Bitcoin Fees, Bitinfocharts.com, BTC fees, buybitcoinworldwide.com, data, ETH, ETH fees, ETH Gas Fees, ether, Ether fees, Ethereum, Ethereum (ETH), Ethereum fees, Fees, L2 fees, l2fees.info, Median Fee, Median Fees, metrics, Miner Fees, Miner rewards, Network Fee, Onchain data, Statistics, Transfer Fees
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. Jamie Redman
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today. Stablecoin Economy Grows Close to 10% Larger in 54 Days — GUSD, BUSD, USDC Issuance Jumps ALTCOINS | 5 days ago Ethereum Fees Drop to the Lowest Rate in 4 Months, 71% Lower Than Transfer Fees in January ALTCOINS | Feb 13, 2022
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