According to data from February 13th, 2022, the average transaction fee for Ethereum has fallen to its lowest point in 4 months. The average fee for Ethereum gas was $15.13 per transaction in mid-September 2021, which is the lowest level since that time.
Ethereum Fees Drop
Transacting on Ethereum is cheaper today than in January 2022 when it cost $52.46 to transfer Ethereum. According to statistics, it is currently possible to move Ethereum (ETH) for 0.0052ETH ($15.13 per transaction). Bitinfocharts.com metrics indicate that the Ethereum median transfer fee is even lower at 0.0023ETH, or $6.67 per transaction.
In mid-September 2021, Ethereum fees were at their lowest point in four months. Between then and now, an average transaction cost on Ethereum was more than $15. Today’s fees are 71.15% less than the average transaction fee of $52.46 on January 10, 2022. Today’s average gas fee on Ethereum is still 552% larger than the average transaction fee on the Bitcoin (BTC) network, which currently is $2.30 per onchain transfer.
The lowest L2 transfer fee is $0.19, and 5 of the 6 L2 platform fees are under $1
The Ethereum London upgrade of August 5, 2021 has resulted in the Ethereum Improvement Proposal (1559) being implemented. This makes it deflationary. Close to 2,000,000 or 1,828,701 Ethereum have been burned since that August day. The amount of Ethereum (ETH) that has been burned so far is approximately $6.6 billion USD. Because onchain Ethereum network transfers are more affordable, layer-two fees for L2 network services (L2) can be a lot cheaper.
Five out six L2 platforms that are currently listed on l2fees.info cost less than one dollar. Zksync will charge $0.19 per transaction to move Ethereum (ETH). Leveraging Loopring will set you back $0.20 per transaction. Today, Polygon Hermez charges are $0.25 to push Ethereum. Arbitrum One fees cost around $0.80 while Optimism costs $0.83 per transfer of ETH. These networks are more expensive than other options for users to swap tokens. Zksync, which costs $0.45 per Blockchain transaction, is the most cost-effective L2 way to swap tokens Sunday.
Do you agree with the trend of decreasing average transaction fees for Ethereum? Please comment below to let us know your thoughts on this topic.
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