Ethereum Network Fees Continue to Drop — Transfer Fees Hit Lowest Rate in 6 Months – Altcoins Bitcoin News

It’s getting cheaper to send ethereum these days as the gas price to push a transaction is more than 80% less expensive than it was to transact with ether 48 days ago on January 10. That day Ethereum network fees cost $52 per transaction. The average transaction fee today is $10.26. Although on-chain fees have been cheaper in recent days, the average transaction fee for layer two (L2) has dropped dramatically over the last seven.

The Ethereum Gas Fees continue to slide

It’s a lot less expensive to transact with the Ethereum (ETH) network on February 27, as average size fees are down to 0.0039 ETH or $10.26 per transfer. This was in mid-August 2021.

Currently, with average fees at $10.26 per transfer, it’s 80.26% cheaper than it was transferring ETH on January 10, 2022. The average transaction fee at that point was $52 per transaction.

Since then, Ethereum fees have fallen and the median-sized gas fee has followed. While the median-sized gas fee was $29 in ether 48 days ago on January 10, today it’s down 84.31% lower at 0.0017 ETH or $4.55 per transfer.

Due to the drop in gas costs, L2 transactions have become cheaper than traditional on-chain transactions. Loopring currently charges $0.13 per transfer as the L2 fee for sending ethereum. The gas fee to swap tokens using Loopring will be $0.66/swap at the time this article was written.

Loopring is followed Zksync (0.16), Polygon Hermez (0.25), Arbitrum (0.56), Boba Network (0.99), Optimism (1.24), Aztec (4.23), and Arbitrum (10.56). This allows for the push of an ethereum transactions via L2.

These L2 platform platforms allow you to exchange tokens for $0.39 via Zksync or $0.78 leveraging arbitrum. You can also swap them through Boba and Optimism at $1.66 each.

The on-chain fees for Bitcoin (BTC), which are 0.000000086 BTC/byte on February 27, 2022 is lower. This equates roughly to $1.20 per transaction or 0.000032 BTC. The median fee for bitcoin transactions on Sunday was $0.29 or 0.0000078 BTC.

Do you agree with the trend of decreasing average transaction fees for Ethereum? Comment below and let us know how you feel about the subject.

Jamie Redman

Jamie Redman is the News Lead for Bitcoin.com News. He also lives in Florida and works as a journalist covering financial technology. Redman is an active participant in the cryptocurrency community from 2011. Redman is passionate about Bitcoin and open-source codes. Redman has contributed more than 5,000 articles to Bitcoin.com News since September 2015. These articles are about disruptive protocols that are emerging.