The Ethereum network fees are down significantly with just two weeks to The Merge. The average Ethereum transaction fee dropped from $1.37 per transfer on August 28th, to 0.00092ether (or $1.37) as the average Ethereum transfer fee. Median-sized fees have slid to 0.00036 ether or $0.544 per transfer, and etherscan.io’s gas tracking tool notes a priority fee will cost 11 gwei or $0.34 to get a transaction confirmed in roughly 30 seconds.
Ethereum’s Onchain Transfer Cost Remains Low, L2 Transfer and Swap Fees Are Still Cheaper
The Ethereum Foundation posted an update to a blog post published on August 16. This was in order make clear that The Merge wouldn’t reduce gas fees or improve throughput. The Merge may be a few weeks away but Ethereum gas fees are far more affordable than they were in June.
At that time, in the middle of June, Ethereum’s average gas fees started to drop lower from $3.86 per transaction to 0.00086 ether or $1.46 per transfer during the first week of August. The average transaction fee for gas is now 0.00092 Ethereum or $1.37, according to bitinfocharts.com.
Bitinfocharts.com data further shows that Sunday’s median sized Ethereum transaction fee was 0.00036 ether, or $0.544. Etherscan.io data shows gas prices are lower, according to the website’s dedicated gas tracking tool.
Presently, at 4:30 p.m. (EST) on August 28, 2022, the highest “priority” gas fee according to etherscan.io is 11 gwei or $0.34 per transfer. Opensea transactions will run $1.17 each, while Uniswap will set you back $3.03. To send an ERC20 token such as tether (USDT), etherscan.io will estimate the transaction cost to be around $0.89.
While ETH fees are lower, they are two times the size of bitcoin’s (BTC) average transfer fees, which are 0.000039 BTC or $0.785 per transaction on Sunday. Median-sized fees on the Bitcoin blockchain are 0.000013 BTC or $0.258 per transaction, which is also lower than ETH’s median-sized transfer fees.
ETH miners earned $41,1071,170 in block reward block bonuses, while BTC miner received $35,976,600 block rewards along with transaction fees. Although onchain Ethereum data fees are now much lower, transacting via Ethereum-compatible Layer 2 (L2) payment railways is still cheaper.
Metis Network has the lowest fee for transferring money today. According to l2fees.info, the Metis Network transfer cost is approximately $0.01 per transaction. To swap coins with Metis it costs around $0.06 per operation. Loopring transactions will run you $0.03 per transfer. Loopring trades cost $0.37 per transaction.
The L2 fees for Zksync or Arbitrum as well as Boba Network and Optimism are much lower than those charged by onchain transfer fee. The swap fees through these networks are less costly than the onchain swap fees for traditional trades using a decentralized Exchange (dex), such as Uniswap.
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