Ethereum prices have jumped 61% higher over the past 30 days, but the crypto asset’s U.S. dollar value remains more than 60% lower than ether’s all-time high recorded nine months ago. As the market slumped, the network’s average commission fell below $5 per transaction, and at 9 p.m. ET on July 30, the average commission was roughly 0.001 ether, or $1.70 per transfer. Additionally, etherscan.io’s Gas Tracker shows transactions ranging from $0.18 to $0.66 by ethereum miners, with even cheaper transfers recorded this weekend.
Ethereum’s average and median size network fees remain low
Ethereum is over 60% less valuable than it was on November 10, 2021, but network transfer fees have been much lower recently. Datashows that on July 30, Ethereum’s average transaction fee was approximately $0.001per ETHor $1.70 per transfer.
The median size feeon the network is even lower at 0.00039 ETHor $0.663 per transaction; in July, Ethereum’s average transaction fee never exceeded the $5 mark. Additionally, Ethereum’s median size fee did not exceed the $2.50 per transfer mark in July.
Data transfers at the end of July for the Ethereum network show transfer costs recorded byetherscan.ioThe transfer costs recorded by Gas Tracker at
were considerably lower than those estimated by bitinfocharts.com; according to Gas Tracker statistics, the July 30 Openpensea sale cost users $0.86, the Uniswap trade was estimated to cost $2.21, and Saturday’s ERC20 transfer was about $0.65.
Layer 2 fees hovered below $0.50 per transfer or exchange
Low to high ethernetwork transfer fees recorded by etherscan.io were between 5 and 6 gwei per transfer on July 30. These values differ significantly from thetransfer costs recorded nine months earlier, when ETHreached $4,878 per unit.
At the time, the bitinfocharts.com index detailed averageETHtransfer fees: the transfer fee for ETHwas about $29 per transfer; asnapshotrecorded on archive.org showed etherscan.io’s gas tracker charts cheaper transaction rates.
On July 30, fees ranged from 5 to 7 gwei; on November 9, 2021, the lowest fee was 171 gwei, or $12.83 per transfer; ERC20 transaction costs were $39.71; and decentralized exchange (dex) transactions were $122.18.
With ethereum network fees this low,layer 2 (L2) feesrecorded on July 30 were even lower: Loopring transfers were $0.02 and $0.39 for a token exchange. zKSync transactions were 0.05 and token swaps were roughly $0.13; Optimism and Arbitrum had the highest L2 fees, ranging from $0.21 to $0.25 per transaction and $0.31 to $0.41 per swap.
Image credit: Shutterstock, Pixabay, Wiki Commons, etherscan.io’s Gas Tracker