Ethereum Network Fees Continue to Drop — Transfer Fees Hit Lowest Rate in 6 Months

It’s getting cheaper to ship ethereum lately because the fuel value to push a transaction is greater than 80% cheaper than it was to transact with ether 48 days in the past on January 10. On that day, Ethereum community charges had been round $52 per transaction and as we speak, the typical transaction charge is $10.26 per switch. While on-chain charges are cheaper, layer two (L2) transactions have adopted swimsuit dropping considerably over the last seven days.

Ethereum Gas Fees Continue to Slide

It’s loads cheaper to transact with the Ethereum (ETH) community on February 27, as common dimension charges are all the way down to 0.0039 ETH or $10.26 per switch. The final time Ethereum community charges had been this low was six months in the past, again in late-August 2021.

Currently, with common charges at $10.26 per switch, it’s 80.26% cheaper than it was transferring ETH on January 10, 2022. At that point over a month in the past, the typical transaction charge was $52 per transaction.

Ethereum charges have been sliding downward ever since that day and median-sized fuel charges have adopted. While the median-sized fuel charge was $29 in ether 48 days in the past on January 10, as we speak it’s down 84.31% decrease at 0.0017 ETH or $4.55 per switch.

L2 transactions are additionally cheaper than on-chain transactions since fuel charges have plummeted. Currently, the lowest L2 fee to ship ethereum is by leveraging Loopring for $0.13 per switch. To swap tokens with Loopring, the fuel charges will value $0.66 per swap on the time of writing.

Loopring is adopted by Zksync ($0.16), Polygon Hermez ($0.25), Arbitrum ($0.56), Boba Network ($0.99), Optimism ($1.24), and Aztec ($4.23) to be able to push an ethereum (ETH) transaction through L2.

The value to swap tokens by these L2 platforms is $0.39 utilizing Zksync, $0.78 leveraging Arbitrum, $1.66 through Boba, and $1.83 Optimism.

On-chain charges on the Bitcoin (BTC) community are additionally decrease at 0.000000086 BTC per byte on February 27, 2022, which equates to 0.000032 BTC or $1.20 per transaction. Moreover, the median-sized bitcoin charge on Sunday is roughly 0.0000078 BTC or $0.29 per transaction.

What do you concentrate on common transaction charges on the Ethereum community dropping? Let us know what you concentrate on this topic within the feedback part beneath.