Ethereum Transaction Fees Hit a 10-Month Low as Gas Costs per Transfer Sink Below $3 – Altcoins Bitcoin News

BTCC
Ethereum Transaction Fees Hit a 10-Month Low as Gas Costs per Transfer Sink Below $3 – Altcoins Bitcoin News
fiverr


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.

coinbase

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.

tags in this story

Average Fees, Bitinfocharts.com, Data, ERC20, ETH, ETH Fees, ETH Gas Fees, ether, Ether fee, Ethereum, Ethereum (ETH), Ethereum fee, Ethereum network fee, Fees, L2 fee, l2fees.info, Median Fee , Median Fees, Metrics, Miner Fees, Miner Rewards, Network Fees, Onchain Data, Statistics, Transfer Fees

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.

Jamie Redman

Jamie Redman is Head of News at Bitcoin.com News and a fintech reporter living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He is passionate about Bitcoin, open source code and decentralized applications. Since September 2015, Redman has written over 5,000 articles for Bitcoin.com News on the disruptive protocols emerging today.

Image credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or an invitation to buy or sell, nor is it a recommendation or endorsement of any product, service or company. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned herein.

More hot news

in case you missed it



Source link

fiverr

Be the first to comment

Leave a Reply

Your email address will not be published.


*