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Ethereum’s Post-Merge Transfer Fees Remain Low, Since Mid-May High-Priority ETH Fees Are 93% Cheaper

News Feed - 2022-09-18 05:09:54

Ethereum"s Post-Merge Transfer Fees Remain Low, Since Mid-May High-Priority ETH Fees Are 93% Cheaper


Following Ethereum’s transition from proof-of-work (PoW) to proof-of-stake (PoS) on September 15, the blockchain network’s transaction fees have been much lower than they were ten days before The Merge. Roughly four months ago on May 13, 2022, high-priority ether transactions could cost 68 gwei or $2.97 per transaction, and today at $0.18, a high-priority ether transaction is 93% cheaper. Ethereum Fees Remain Low Following The Merge


The cost to transact on the Ethereum network is cheaper post-Merge, as etherscan.io’s gas tracker indicates a high priority transaction on September 17, 2022, is around 8 gwei or $0.18 per transfer. 12 days ago on September 5, a high-priority ETH transfer was 14 gwei or $0.47 per transaction.


The fee metrics from etherscan.io indicate that today’s ETH transaction fees are more than 61% cheaper than they were 12 days ago. Moreover, Ethereum’s recent change from PoW to PoS has also caused a few fee aggregation web portals like bitinfocharts.com to publish erroneous fee data. Etherscan.io’s Ethereum Gas Tracker on September 17, 2022.


At $0.5888 per transfer, data from ycharts.com shows that the average ethereum (ETH) fee has also dropped since The Merge took place. The metrics show the average transaction fee on the ETH network on September 14 was $0.6293 per transaction, and on the day of The Merge, fees rose to $0.9812 per transaction.


Ethereum gas fees are also 93% lower than they were four months ago on May 13, 2022. Ycharts.com stats show on May 13, the average fee was $1.37 and it dropped 57.66% lower than the current average fee of $0.58 per transfer.


Data from archive.org indicates that etherscan.io’s gas tracker also shows ether fees were much higher 127 days ago in mid-May. At that time, a high priority transaction was 68 gwei or $2.97 per transfer to simply send ethereum, in comparison to today’s $0.18 high priority transfer.


Today, etherscan.io’s gas tracker shows an Opensea sale can cost $0.61 and four months ago it would have cost $28.58. A Uniswap decentralized exchange (dex) swap will cost $1.58 on September 17, but on May 13, it was roughly ​​$26.07.


Sending an ERC20 token like tether (USDT) or usd coin (USDC) is also cheaper today at $0.46 per transaction. But 127 days ago, it would cost a user roughly $7.65 per transaction to send an ERC20-based coin.


As Bitcoin.com News reported on many occasions in 2022, Ethereum’s data fees have been dropping steadily since mid-May. Data from the post-Merge aftermath indicates onchain ETH fees have continued to remain low. Tags in this story Bitinfocharts.com, data, dex swaps, ERC20 token, ERC20 transfer, ETH, ETH fees, ether, Ethereum, Ethereum fees, etherscan, etherscan.io, Gas, Gas Tracker, L1, Layer two, Layer-One, Merge fees, metrics, Onchain, Scaling, September 2022, Stats, swaps, Transaction, Transaction Fees, transfer, Transfer Fees


What do you think about post-Merge stats that show ether fees continue to remain low? 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 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today. Grayscale Declares Distribution of Rights to Ethereum Proof-of-Work Tokens With SEC NEWS | 5 hours ago Examiner Appointed to Celsius Bankruptcy Case, Crypto Lender Files for Access to $23M in Stablecoins NEWS | 13 hours ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleGrayscale Declares Distribution of Rights to Ethereum Proof-of-Work Tokens With SEC Next articleSolar-Powered Crypto Farm in Australia to Prove Bitcoin Mining Can Be Green Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItToday"s Top Ethereum and Bitcoin Mining Devices Continue to Rake in Profits


As the crypto economy hovers just under $2 trillion in value, application-specific integrated circuit (ASIC) mining devices are making decent profits. While ASIC miners can still mine ethereum, a 1.5 gigahash (GH/s) Ethash mining device can rake in $51.58 per ... read more.Digital Ruble ‘Much Needed,’ Russia’s Central Bank Says, Won’t Delay Testing Economist Predicts the Fed"s Response to Inflation Will Push Crypto Higher Ethereum Foundation"s Financial Report Discloses It Holds $1.6 Billion in Assets, 80.5% Held in Ether Terra"s Algorithmic Dollar-Pegged Crypto UST Is Now the Third-Largest Stablecoin

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