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Tuesday, March 28, 2023

Ethereum Transfer Costs Continue to Slide — Network Fees Tap a 19-Month Low

Ethereum Transfer Costs Continue to Slide — On July 2, 2022, Ethereum’s average gas costs reached a low that had not been witnessed in 19 months or since November 12, 2020. The quantity of ethereum (ETH) needed to push a transaction onto the blockchain network is known as the gas or network cost.

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Similar to the Bitcoin (BTC) network, ETH rewards its miners with gas fees in exchange for confirming transfers. Early ETH transfers were insignificant, and from August 2015 to July 2016, the average gas charge per ETH transfer was less than a U.S. penny.

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The Ethereum network cost between $0.01 and $0.10 every transfer between July 2016 to May 2017. Ethereum transaction fees are getting a little more expensive these days; on May 12, 2021, the average rate was $69 per transaction.

In the period from August 2021 to February 2022, the charge for each transfer did not fall below $20. Fees for each transaction completed occasionally reached $30, $40, and $50 increments during that time, depending on the day. The average network fee increased to $196 per transfer on May 1, 2022, as a result of a very well non-fungible token (NFT) sale that day.

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The fees shown above only apply to transmitting  ether as well, and an Opensea contract, decentralized exchange (dex) swap, or an ERC20 transfer can cost even more.

Average fees reached a low of 0.0016 ether, or $1.67 per transfer, on July 2, 2022. In the middle of November 2020, fees on the Ethereum network were last this low. On November 12, 2020, the typical ETH transfer fee was 0.0034 ether, or $1.55.

In addition, the gas tracker on the portal etherscan.io indicates that on Saturday, the highest Ethereum network charge dropped to 32 gwei, or $0.69, for each high priority transfer. According to Etherscan.io’s data, a transaction for an Opensea sale will cost $5.05, a Uniswap deal will cost $6.10, and at the time of writing, a transaction for an ERC20 like tether (USDT) will cost $1.79.

The median transaction fee, according to metrics from bitinfocharts.com, is 0.00065 ether, or $0.695 per transaction. Layer-two (L2) transaction fees are cheaper as a result of Ethereum’s average and median network fees being substantially lower than they have been in the previous 596 days.

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According to data from L2fees.info, a transaction on Loopring costs less than a penny, a transfer on Zksync is $0.01, and a transaction on Metis Network costs $0.01. On Saturday, Optimism is $0.03, Boba Network is about $0.06, and Arbitrum transaction fees are $0.10. This weekend, transactions with Polygon Hermez and Aztec Network each cost $0.25 and $0.35 respectively.

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