Average Ethereum Gas Fee Jumps to $20 per Transfer, L2 Fees Follow Rise – Altcoins Bitcoin News

The Ethereum network fees used to transfer data have fallen significantly over recent years, reaching a low level of $5.98 per transaction mid-March. However, gas fees continue rising on the second-largest crypto network according to market valuation. Average transaction fees for transfers were around $19.58 or 0.0056ether on Sunday, April 3.

Ethereum Network Charges Spike

The last month proved to be one of the most affordable times to move Ethereum (ETH). It didn’t cost a lot in fees. On March 12, 2022, Ethereum’s network fees dropped to a low of $5.98 per transaction after reaching a high on January 10, at $52 per transfer.

Data on transaction fees shows that ethereum fees fell by 88.49% between January and March. However, Ethereum (ETH), network fees have increased on an average of $19.58 per transfer since the low 22-days ago.

At the time of writing, Ethereum’s average network fee is 0.0056 ether per transaction and median-sized ETH fees can cost 0.0021 ETH or $7.47 per transaction. The median-sized fees on Ethereum (MSF), was just $2.39 per transfer, as of March 11, 2022. MSF (MSF) on Ethereum was at its highest point of $29 per transfer, January 10, 2022.

Although average fees on Ethereum and MSF have increased through layer one (L1) fees, the fees for layer two have increased. Loopring charges $0.15 per transfer for the lowest L2 fees. Loopring costs $0.87 for a token swap. The current L1 price to swap a token via Loopring is $25.67 per transfer on Sunday, April 3.

Zksync provides common Ethereum (ETH), transfers at $0.21 per transfer L2, while token swap transactions are $0.52 per transaction. Polygon Hermez costs $0.25 per L2 transfer to move ethereum, while Boba Network charges $0.79 per transfer. To trade Ethereum-based tokens, Boba Network charges $1.27.

Arbitrum One’s L2 fees currently cost $0.81 per transaction and it costs $1.12 to trade tokens using Arbitrum. Optimism fees are $1.28 per ETH transfer and it’s currently $1.89 to swap a token via Optimism’s L2 infrastructure. Aztec Network users can use the Aztec Network for $2.48 per ETC transfer. It is cheaper than the $7.47 MSF per transaction.

What do you think about Ethereum network fees starting to rise again after last month’s low? Comment below and let us know how you feel about the subject.

Jamie Redman

Jamie Redman is the News Lead for Bitcoin.com News. He also lives in Florida and works as a journalist covering financial technology. Redman is an active participant in the cryptocurrency community from 2011. Since 2011, Redman has been an active member of the cryptocurrency community. Redman has contributed more than 5,000 articles to Bitcoin.com News since September 2015. These articles are about disruptive protocols that are emerging.