The transaction fees charged by the Ethereum network for transactions have fallen more than 50% since November 9th, 2021 (or 46 days ago). In 2016, the fee to transfer ethereum was $62.84 per transaction. The fees have decreased 62.85% to $23.34 every transaction.
Ethereum Transaction Fees Reduced by 62% from $62 to $23
Transferring ETH (ETH) ontochain was expensive a month back. It used to be much cheaper than moving an ERC20 token or swapping tokens. Smart contracts were also more difficult to interact with. The December 25th metrics showed that the average transaction fee for the Ethereum network was $22.80, or 0.0056 Ethereum per transaction.
It was $23.34 per transaction the day before, which was 62.85% less than November 9’s fees. The median ether fee has a 62% reduction in data transfer costs. According to bitinfocharts.com, on November 9, the median transaction cost for an ether was $34.28. Today’s fee is 0.0032ETH (or $12.99).
A decrease of 62% in the size of median fees was more than that recorded 46 days back for median ether fees. Even lower data transfer fees can be seen from the l2fees.info statistics, which shows a median-sized record fee. Transacting with Ethereum costs $6.78 per transaction on Saturday. However, moving a token to the blockchain will set you back $15.49 per transfer.
Layer 2 Networks still move Ether, but for less money
According to statistics from l2fees.info, swapping a token costs $33.89 per transaction. Loopring, which charges $0.16 per transfer for layer 2 (L2) fees is the lowest fee provider currently according to l2fees.info statistics. Polygon Hermez (0.25), Zksync (0.33), Arbitrum One (18.777), and Optism (2.00) follow Loopring. A Zksync user will pay $0.81 for a swap or to interact with an Ethereum smart contract. An Optimism and Loopring user will pay $1.02 each. Arbitrum users will pay $3.22.
Bitcoin (BTC), which is a cryptocurrency, has its own network fees that are lower than Ethereum. Bitinfocharts.com data shows that BTC fees have fallen to $1.50-$5.00 per transaction over the past month. According to bitinfocharts.com data, on Saturday December 25, 2021 the average bitcoin fee (BTC) was $0.000046 BTC. That’s roughly $2.36 per transfer or 0.0.0000001 BTC per byte. BTC fees hit a peak of $62.77 (April 21, 2021), which is 96.24% lower than the previous record.
Do you agree with the drop in Ethereum network fees of more than 62% from November? Comment below and let us know how you feel about the subject.
Images Credits: Shutterstock, Pixabay, Wiki Commons, l2fees.info, bitinfocharts.com,
DisclaimerThis article serves informational purposes. This article is not intended to be a solicitation or offer to sell or buy any product, service, or company. Bitcoin.com doesn’t offer investment, tax or legal advice. The author and the company are not responsible for any loss or damage caused by the content or use of any goods, services, or information mentioned in the article.