This week Ethereum network fees fell a lot. They dropped below $10 per transaction, a level not seen since March 10, 20,22. The average ethereum transaction fee was $5.68 or 0.0027 Ethereum on May 17. Because layer one fees are cheaper (L1), layer two fees (L2) have been $0.02 to $1.13 per transaction.
Ethereum’s Onchain Fees Slide Lower Following a Brief Spike Last Week
The best time of the week to send Ethereum or to use Ethereum network to trade coins is this week, as the onchain transfer fee has fallen to below $10. On average, the ether fee on May 17th 2022 is around 0.0027 Ethereum or $5.68 per transaction.
In 68 days or since March 10, L1 Ethereum fees have been at their lowest level. This is due to a temporary spike in fees that occurred during Terra blockchain carnage, May 12th. On an average day that day fees were $31.19 per Transfer.
Both L1 and 2 median fees for L1 have fallen a lot, as average network fees are down. As of Tuesday morning ET, the average network fee for transacting on Ethereum was 0.0012 ether (or $2.59 per transaction).
According to etherscan metrics, median fees dropped as low at $1.01 on Tuesday. According to etherscan metrics, an Opensea sale will likely cost $9.72, while a swap on a decentralized exchange or dex will run $8.86 and transfer an ERC20 token at $2.60.
Ethereum’s L2 Fees Follow Drop in Onchain Transfer Costs
Because onchain fees tend to be cheaper, L2 fees also saw a notable drop in the five days that have passed since May 12th. It costs $0.02 to transfer Metis Network tokens and $0.10 for swap tokens.
Metis is the most expensive L2, but Loopring fees for ether transfers are $0.03 each. To swap tokens through Loopring, it will cost $0.52. Zksync transfer fees are approximately $0.05 per Tuesday, and swapping one coin will run $0.13 Arbitrum One is the most costly L2 currently, with transfer fees of around $0.25. A coin swap on Arbitrum costs around $0.35.
The lower ether fees follow the network’s all-time hashrate high on May 13, 2022, at block 14,770,231. The network’s computational power hit 1.27 petahash per second (PH/s) that day, and continues to ride high.
Ethereum’s value has lost 41.8% year-to-date but ETH is still up over 482,570% since October 20, 2015, or roughly six years ago. ETH’s market valuation is 18.4% of the entire crypto economy’s net USD value, with a market capitalization of around $253 billion.
Do you agree with the Ethereum network fee dropping to lows that have not been seen in more than two months? Please comment below to let us know your thoughts on this topic.
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