Ethereum’s Post-Merge Transfer Fees Remain Low, Since Mid-May High-Priority ETH Fees Are 93% Cheaper – Bitcoin News

Following Ethereum’s transition from proof-of-work (PoW) to proof-of-stake (PoS) on September 15, the blockchain network’s transaction fees have been much lower than they were ten days before The Merge. A high-priority transaction costing 68 gwei (or $2.97) was the price for high-priority Ethereum transactions. Today, at $0.18, it is 93% less.

After the Merge, Ethereum fees remain low

The cost to transact on the Ethereum network is cheaper post-Merge, as etherscan.io’s gas tracker indicates a high priority transaction on September 17, 2022, is around 8 gwei or $0.18 per transfer. A high-priority ETH exchange cost was $14 gwei (or $0.47) 12 days before September 5.

The fee metrics from etherscan.io indicate that today’s ETH transaction fees are more than 61% cheaper than they were 12 days ago. Moreover, Ethereum’s recent change from PoW to PoS has also caused a few fee aggregation web portals like bitinfocharts.com to publish erroneous fee data.

Ethereum's Post-Merge Transfer Fees Remain Low, Since Mid-May High-Priority ETH Fees Are 93% Cheaper
Etherscan.io’s Ethereum Gas Tracker on September 17, 2022.

Data from ycharts.com reveals that the average fee for ethereum (ETH), which is $0.5888 per transaction, has dropped significantly since The Merge. The metrics reveal that the average transaction cost on the ETH network was $0.6293 per transaction on September 14, and that fees increased to $0.9812 on The Merge day.

The Ethereum gas fee is 93% less than it was four months ago, on May 13th 2022. According to Ycharts.com statistics, the average transfer fee for May 13 was $1.37. This is 57.66% less than the $0.58 average.

Data from archive.org indicates that etherscan.io’s gas tracker also shows ether fees were much higher 127 days ago in mid-May. At that time, a high priority transaction was 68 gwei or $2.97 per transfer to simply send ethereum, in comparison to today’s $0.18 high priority transfer.

Today, etherscan.io’s gas tracker shows an Opensea sale can cost $0.61 and four months ago it would have cost $28.58. A Uniswap decentralized exchange (dex) swap will cost $1.58 on September 17, but on May 13, it was roughly ​​$26.07.

ERC20 tokens like usd coin (USDC), tether, or USDT can be sent for $0.46 each. However, sending an ERC20-based cryptocurrency would have cost the user $7.65 per transaction 127 days back.

As Bitcoin.com News reported on many occasions in 2022, Ethereum’s data fees have been dropping steadily since mid-May. Onchain ETH fees remain very low, according to data from after-Merge.

This story contains tags
Bitinfocharts.com, data, dex swaps, ERC20 token, ERC20 transfer, ETH, ETH fees, ether, Ethereum, Ethereum fees, etherscan, etherscan.io, Gas, Gas Tracker, L1, Layer two, Layer-One, Merge fees, metrics, Onchain, Scaling, September 2022, Stats, swaps, Transaction, Transaction Fees, transfer, Transfer Fees

How do you feel about post-Merge statistics that indicate ether fees remain low? Please comment below to let us know your thoughts on this topic.

Jamie Redman

Jamie Redman, a Florida-based financial journalist and news lead at Bitcoin.com News is Jamie Redman. Redman is an active participant in the cryptocurrency community from 2011. Since 2011, Redman has been an active member of the cryptocurrency community. Redman has contributed more than 6000 articles to Bitcoin.com News since September 2015. These articles are about disruptive protocols that are emerging.




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