After fees fell to $2.96 per transaction Sunday afternoon ET, the average Ethereum network fee dropped to its lowest level in more than ten months. On July 11, 2021, ethereum transfer fee dropped to $3 for the first time. The median fee for ethereum transactions is even lower at 0.00086ether, or $1.56 per transaction.
Ethereum Gas Prices Sink to the Lowest Levels since July 2021
The Ethereum network fees have dropped to $2.96 per transaction, making them the lowest in over 10 months. This was around Sunday at 12 PM ET. The average ether fee rose slightly to $0.002 or $3.56 per transaction as the day progressed.
Ethereum’s transaction fees have not been this low in quite some time. Bitcoin.com News reported that gasoline costs are dropping from mid-February, and that ethereum transaction charges dropped to $10 during the first week in March.
Average ETH fees fell to $3 on July 11, 2021. That’s roughly ten years ago. In fact, during a few weeks in July 2021, average gas costs using Ethereum’s layer one (L1) network were between just under $3.00 to just above $8.00 per transfer.
Not only have average ethereum charges dropped to new lows but median gas costs also fell a lot over the week. For example, on March 8, 2022, the median-sized ether fee was 0.0014 ETH or $3.73 per transfer, and today it’s 0.00086 ether or $1.56.
Opensea sales cost about $10.63 at the highest end and $10.26 at the lower end. Today, the cost of swapping coins via a decentralized exchange platform (dex), such as Uniswap is $9.69 at the high end and $9.36 at the low end.
It costs $4.37 to transfer an ERC20 token such as USDT or USDC. In terms of Ethereum’s aggregate 24-hour ETH mining rewards, miners pulled in approximately $50,241,489 on Sunday, May 29. That’s around 94.7% of the fees bitcoin (BTC) miners acquired on Sunday, as bitcoin miners captured $53,035,200 in BTC mining rewards during the past 24 hours.
On Sunday, the layer two (L2) fees for sending ethereum are very low. Zksync transaction fees are $0.04 for sending ethereum, and $0.09 to exchange coins. Loopring’s ether transaction fees are the same, at $0.04 per transfer, but swapping a coin will cost $0.45 using Loopring. Use Optimism to transfer ether will cost $0.12, and leverage Arbitrum one will cost $0.23.
Boba Network’s ether transaction fees are $0.17 right now, and the cost to swap a token using Boba is $0.35. When ETH fees are low, it’s a good time to transact if there’s a need to move ethereum or an ERC20, swap tokens, or conduct a sale on a non-fungible token (NFT) marketplace.
How do you feel about the Ethereum network fees falling to levels not seen since last Summer? Please comment below to let us know your thoughts on this topic.
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