Statisticians have shown that Ethereum network transaction charges are now 35% lower than the fees for transfer seven days ago. As of the writing date, the average cost to transact using ethereum was 0.0099 Ethereum or $30.85-$33.04 per transfer. On Wednesday, the cheapest layer two (L2) way to send ether is Polygon Hermez. It costs $0.25 for each transaction.
It’s Cheaper to Move Ethereum Today, Network Still Has Higher Transfer Fees Than Most Blockchain Networks
Although data transfer fees for Ethereum have dropped 35% over the last week, they are still significantly higher than other smart contract networks. Seven days ago, ETH transfer fees cost $51.24 and metrics today indicate that it will cost $30.85-$33.04 per transfer. This data does not include moving ethereum, as interaction with smart contracts to swap or move ERC20 tokens and/or ETH is more expensive.
Some of the most expensive fees for miners are the average transaction fees charged by the Ethereum network. On Wednesday, the average transaction fee was around $6.82.
Bitinfocharts.com shows that the median gas cost is $0.47 ether. This amounts to $14.78 per transfer. The median-sized fee for ethereum was $29 per transaction according to Metrics.
Ethereum Miner Rewards 14% Higher Than Bitcoin’s Daily Rewards, Polygon Hermez the Cheapest L2 Method to Move Ether Today
The data shows that although fees for Ethereum have been lower, it still collects more fees each day. The data shows that Bitcoin saw $76.3 Million in miner rewards over the 24 hours ended January 19. Ethereum, however, raked in $87.1 Billion in mining rewards.
As of the writing date, bitcoin’s current average transfer fee (BTC), is approximately 0.0000001 per bit or 0.000035 BTC. This amounts to $1.50 per transfer. BTC’s median-sized network fee is lower at 0.0000078 BTC or $0.328 per transaction on Wednesday.
L2fees.info shows that the average cost of moving an Ethereum-based token on Wednesday is $15.60 per transfer and that it can cost $34.11 each to swap a token. According to l2fees.info information, Polygon Hermez is the cheapest option for transferring ETH using an L2 platform at $0.25 per transfer. Following the Polygon Hermez fees, Zsync (0.30), Loopring (0.32) and Optimism (1.42), Arbitrum (2.14), and Boba Network (2.38).
Let us know your thoughts on the Wednesday fee rate for moving ethereum. Please comment below to let us know your thoughts on this topic.
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