The average fee on the ethereum network has fallen to its lowest level in more than a decade after fees per transaction fell to a low of $2.96 on Sunday afternoon (ET). The last time Ethereum transfer fees fell below the $3 mark was last year on July 11, 2021. Additionally, the median fee is even cheaper, as the median Ethereum transaction fee on May 29 was around 0.00086 ETH or $1.56 per transfer.
Ethereum gas costs drop to lowest level since July 2021
Ethereum network fees are the cheapest in more than a decade, with average ETH transfer fees falling to a low of $2.96 per transaction around 12 p.m. ET on Sunday. As the day continues, the average ether fee has risen to 0.002 ether or $3.56 per transfer.
Ethereum transaction fees haven’t been this low in a while. Bitcoin.com News has been reporting on the fact that gas costs have been falling since mid-February, and in the first week of March, Ethereum transaction fees fell to just above the $10 mark.
The last time the average ETH fee fell below $3 was on July 11, 2021, about ten months ago. In fact, for several weeks in July 2021, the average gas cost of using Ethereum’s Layer 1 (L1) network will range from just under $3.00 to just over $8.00 per transfer.
In addition to the average ethereum fee dropping to a new low, mid-sized gas costs also dropped significantly this week. For example, on March 8, 2022, a mid-sized ether fee was 0.0014 ETH or $3.73 per transfer, compared to 0.00086 ETH or $1.56 today.
Also, Opensea’s high-end cost of sale is about $10.63, while the lower cost is $10.26. Swapping tokens on decentralized exchange (dex) platforms such as Uniswap today tops out at $9.69, while on the low end the fee per transaction is $9.36.
The cost of moving an ERC20 token such as USDT or USDC is approximately $4.37 per transfer. In terms of Ethereum’s total 24-hour ETH mining rewards, miners earned around $50,241,489 on Sunday, May 29. That’s about 94.7% of the fees Bitcoin (BTC) miners earned on Sunday, as Bitcoin miners earned $53,035,200 in BTC mining rewards. last 24 hours.
The fees for layer 2 (L2) transfers to send ethereum (ETH) were also fairly low on Sunday. A Zksync transaction costs about $0.04 to send Ethereum and about $0.09 to exchange coins. The Ether transaction fee for Loopring is the same at $0.04 per transfer, but exchanging one coin using Loopring will cost $0.45. Using Optimism will cost $0.12 to transfer Ethereum, while using Arbitrum One will cost $0.23 to transfer Ethereum.
Boba Network’s current ether transaction fee is $0.17, and the fee for exchanging tokens with Boba is $0.35. When ETH fees are low, it’s a good time to trade if you need to move Ethereum or ERC20, swap tokens, or sell on the non-fungible token (NFT) market.
What do you think of Ethereum network fees falling to their lowest point since last summer? Let us know what you think about this topic in the comments section below.
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