Ethereum transaction fees hit their lowest point since November 2020 on Saturday, as the average network fee fell to 0.0016 ether or $1.67 per transfer. Ethereum gas fees have been steadily decreasing since May 11, 2022, with an average fee as low as 32 gwei or $0.69 per transfer on Saturday.
Ethereum fees fall to lowest range since November 2020
Ethereum average gas cost July 2, 2022 hit a low not seen in 19 months or November 12, 2020. Essentially, gas or network fees are the amount of Ethereum (ETH) required to drive a transaction on the blockchain network.
Like the Bitcoin (BTC) network, ETH’s gas fees compensate the network’s mining participants for validating transfers.In the early days, ETH transfers were negligible and from August 2015 to July 2016the average gas fee per ETH transfer is less than a cent.
between July 2016 As of May 2017, Ethereum network fees were between $0.01 and $0.10. Ethereum fees are a bit expensive these days, hitting an average of $69 per transaction on May 12, 2021.
Between August 2021 and February 2022, each transfer will cost at least $20. During this period, the fee sometimes increases by $30, $40, and $50 per transaction, depending on the day. On May 1, 2022, the average network fee jumped to $196 per transferthanks to the day’s popular non-fungible token (NFT) sale.
The above fees also only apply to sending Ether, Opensea contracts, decentralized exchange (dex) exchanges or ERC20 transfers may cost more.
Median fees tap $0.69 per transaction, L2 fees slip
On July 2, 2022, the average fee hit a low of 0.0016 ETH or $1.67 per transfer.The last time Ethereum network fees were this low was when mid-November 2020. On November 12, 2020, the average ETH fee was 0.0034 ETH or $1.55 per transfer.
Also, on Saturday, the portal etherscan.ioThe gas tracker on GitHub shows the highest Ethereum network fee slipping to 32 gwei or $0.69 per high-priority transfer. Data from Etherscan.io shows that Opensea has a transaction fee of $5.05, Uniswap has a transaction fee of $6.10, and at the time of writing, to forward an ERC20 like Tether (USDT), it costs $1.79 per transaction.
Metrics from bitinfocharts.com suggest a medium-sized transaction fee of 0.00065 ETH or $0.695 per transaction. Layer 2 (L2) transaction fees are also cheaper, given that average and mid-sized network fees on Ethereum are well below the 596-day level.
Data from L2fees.info shows that Loopring costs less than a cent for a transaction, Zksync transfers cost $0.01, and Metis Network sends a transaction for $0.01. Optimistic costs on Saturday are $0.03, Boba Network is around $0.06, and Arbitrum fees are $0.10 per transaction. Polygon Hermez has a fee of $0.25 per transfer, and Aztec Network has a transaction fee of $0.35 this weekend.
What do you think of the low transfer fees on the Ethereum network on July 2, 2022? Let us know what you think about this topic in the comments section below.
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