On Saturday, ethereum transaction fees hit their lowest level since November 2020 as average network fees dropped to 0.0016 ether or $1.67 per transfer. Average fees on Saturday were as low as 32 gwei or $0.69 per transfer as ethereum gas fees have been steadily declining since May 11, 2022.
Ethereum fees drop to lowest level since November 2020
Ethereum’s average gas fee hit a low on July 2, 2022, the first time in 19 months or since seen on November 12, 2020. Essentially, the gas or network fee is the amount of Ethereum (ETH) needed to push a transaction on the blockchain network.
Similar to the Bitcoin (BTC) network,the ETH gas fee compensates network mining participants for verifying the transfer. Initially,ETHtransfers were negligible, ranging fromto from August 2015 to July 2016 the average gas bill was less than US$1 perETHtransfer.
54} during July 2016from to May 2017,Ethereumnetwork fees ranged from $0.01 to $0.10 per transfer. Today, ethereum fees are a bit more expensive, with average fees reaching $69 per transaction on May 12, 2021.
Between August 2021 and February 2022, fees never fell below $20 per transfer. During that period, on some days, fees were in the $30, $40, and $50 range for each transaction; on May 1, 2022, the average network fee jumped to $196 per transfer that day, thanks to a popular non-fiat token (NFT) sale.
The aforementioned fees apply only to ether transmissions as well, and Opsea contracts, decentralized exchange (dex) swaps, or ERC20 transfers can cost even more.
Median fee taps $0.69 per transaction, L2 fees lower
On July 2, 2022, the average commission hit a low of $0.0016 ether, or $1.67 per transfer. The last time fees on the ethereum network were this low was in mid-November 2020 . On November 12, 2020, the average. fee for ETHwas $0.0034 ether per transfer, or $1.55.
Additionally, on Saturday, the web portal Etherscan.iogas tracker showed the highest Ethereum network fee of $0.50 per 32 gway or high priority transfer. It slips as low as $69. Etherscan.io data shows that the sale of Opensea costs $5.05 per transaction, the Uniswap transaction costs $6.10, and the transfer of ERC20 such as Tether (USDT) costs $1.50 per transaction at the time of writing. The cost would be $79.
118} The median transaction fee is 0.00065 ether, or $0.695 per transaction, according to bitinfocharts.commetrics. Given the fact that ethereum’s average and median size network fees are much lower than 596 days, we can see that layer 2 (L2) transaction fees are also inexpensive. Data from
L2fees.infoshows that Loopring transactions cost less than a US penny, Zksync transfers are $0.01, and Metis Network also charges $0.01 for sending transactions. Optimism is $0.03 on Saturday, Boba Network is around $0.06, Arbitrum charges $0.10 per transaction, Polygon Hermez is $0.25 per transfer, and Aztec Network is $0.35 for this weekend’s transactions.
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