While ethereum prices jumped 61% higher during the last 30 days, the crypto asset’s U.S. dollar value is still down more than 60% lower than ether’s all-time high recorded nine months ago. Amid the market downturn, the network’s average fees have been lower than $5 per transaction and on July 30, at 9 p.m. (ET), the average fee was roughly 0.001 ether or $1.70 per transfer. Moreover, etherscan.io’s Gas Tracker recorded lower transfers than usual this weekend. Transactions in the $0.18-$66 range were confirmed by ethereum miner.
Ethereum’s Average and Median-Sized Network Fees Remain Low
Ethereum’s value is 60% lower than on November 10, 2021. However, network transfer fees are much lower now than they were. Data shows on July 30, Ethereum’s average transaction fee was roughly 0.001 ETH or $1.70 per transfer.
Even lower fees were charged by the network for medium-sized transactions at 0.663 ETH (0.00039 ETH) per transaction. Ethereum’s average transaction fees in July did not surpass the $5 mark. Additionally, Ethereum’s median-sized fees did not cross the $2.50 mark per transfer in July.
Data transfers at the end of July on the Ethereum network indicate transfer costs recorded by etherscan.io’s Gas Tracker were a lot lower than bitinfocharts.com estimates. Gas Tracker statistics show that an Opensea sale could be $0.86 for a user on July 30, while a Uniswap transaction was $2.21. On Saturday, an ERC20 transfer was approximately $0.65.
The Layer Two Fees are below $0.50 for a Transfer or Swap
etherscan.io reported that transfer fees for Ethereum networks were low through high, ranging between 5-6 gwei per transaction on July 30. These numbers are quite different than the $9,878 unit transfer cost nine months back.
Bitinfocharts.com’s metrics revealed that the average ETH transfer fees were around $29 per transaction at that point. A snapshot recorded on archive.org shows etherscan.io’s Gas Tracker charted cheaper transaction rates.
The July 30 fee was between 5 and 7 gwei. However, on November 9th 2021 the minimum fee was 171 Gwei (or $12.83 per transaction). A transaction on ERC20 cost $39.71. An exchange decentralized (dex), trade cost $122.18.
Due to the low Ethereum network fees, layer two fees (L2) recorded July 30 were even less. The cost of a Loopring transfer was $0.02, and the cost to swap tokens was $0.39. ZKSync transactions cost $0.05 while token swaps cost approximately $0.13. The highest fees for L2 are charged by Optimism or Arbitrum, which range from $0.21 to $0.25 per transaction to $0.31 to $0.41 per Swap.
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Image credit: Shutterstock, Pixabay, Wiki Commons, etherscan.io’s Gas Tracker
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