Fees associated with the Ethereum network drop below $5 According to statistics, regions per transaction over the last 175 days. According to the metrics, the average Ethereum transfer on December 10, 2022 is around 0.0023 Ether or $2.87, and the median gas price is around 0.00097 Ether or $1.23 per transfer. Ethereum gas metrics recorded on etherscan.io show that high transfer fees are even lower than median and average sized gas payments.
Post-merger Ethereum fees continue to be significantly lower than last year
On November 9, 2021, the average transaction fee on the Ethereum network was approximately 62.84 nominal US dollars per dollar. According to the bitinfocharts.comtransaction. The average cost of gas required to send Ether is currently estimated at around $2.87, which is 95.43% cheaper than he was over a year ago in November 2021.
Every network and on-chain transaction requires a certain amount of gas to push a transfer. Ethereum fees have improved significantly since the merger, and more specifically since June 18, 2022.
Since then, Ethereum’s average fees have stayed below $5 for about 175 days, with a single transaction just above $5. November 8, 2022. It was the same day that the cryptocurrency market experienced extreme price volatility due to the collapse of FTX.
Except for that day, the average ether fee was below $3 for most of the 175-day period. The same is true for Ethereum’s median-sized gas price, which remained below $2 per transfer for most timeframes.
Current stats from gas tracker on etherscan.io show priority fees are much lower than average and median fee values on bitinfocharts.com I’m here. As of writing on Saturday, December 10, 2022, etherscan.io’s gas tracker shows that the high priority Ethereum gas price is estimated at around 21 gwei or $0.48 per transfer.
But more gas is needed to send ERC20 tokens or interact with smart contracts running on-chain, so the quoted value is simply the cryptocurrency Ethereum (ETH). swap. For example, the on-chain fee for Opensea’s non-fungible token (NFT) listing is estimated to cost $1.74 per transaction.
Sending ERC20 tokens such as USDT and USDC is estimated to cost $1.31 per transfer, and exchanging ERC20 coins will cost approximately $4.48 on Saturday. gas charges may apply to the user. Ethereum’s on-chain fees are low, butLayer 2 (L2) feesare even lower in the last 175 days.
Arbitrum fees for sending Ether are estimated at approximately $0.03 per transfer and Optimism L2 transfers at approximately $0.10 per transaction. Similarly, Zksync, Loopring, Polygon Hermez, Boba, and Aztec L2 transactions are also much less valuable than traditional on-chain Ethereum network transfers.
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