Ethereum Fees Drop to the Lowest Rate in 4 Months, 71% Lower Than Transfer Fees in January

The average transaction fee on the Ethereum network has dropped to the lowest level in four months, according to statistics on February 13, 2022. Mid-September 2021 was the last time gas fees on Ethereum were this low, as average fees have dropped to roughly $15.13 per transfer.

Ethereum Fees Slide Lower

It costs less to transact on Ethereum today, than it was in mid-January 2022, when the average transaction fee on Ethereum was around $52.46 per transfer. Today, statistics indicate that in order to move ethereum (ETH), it will cost 0.0052 ETH or $15.13 per transaction. The median-sized transfer fee on Ethereum is even cheaper, as metrics on bitinfocharts.com indicate the median-sized gas fee today is 0.0023 ETH or $6.67 per transfer.

The last time Ethereum fees were this low was four months ago in mid-September 2021. In between that time, the average transaction fee on the Ethereum cost more than $15 per transaction. The fees today are 71.15% lower than the $52.46 average transaction fee recorded on January 10, 2022. Today’s average gas fee on Ethereum is still 552% larger than the average transaction fee on the Bitcoin (BTC) network, which currently is $2.30 per onchain transfer.

Lowest L2 Transfer Fee Is $0.19 per Transfer, 5 out of 6 L2 Platform Fees Under $1

Since the Ethereum London upgrade on August 5, 2021, the implementation of the Ethereum Improvement Proposal (EIP)-1559 has made it so the crypto asset is deflationary. Since that day in August, close to 2 million or 1,828,701 ethereum has been burned so far. The number of ethereum (ETH) burned is equivalent to $6.6 billion in USD value. Of course, with onchain Ethereum network transfers being cheaper, layer-two (L2) network fees are less expensive as well.

Currently, five out of six L2 platforms listed on l2fees.info are less than a dollar. To move ethereum (ETH) using Zksync, it will cost a user $0.19 per transfer, and leveraging Loopring will cost $0.20 per transaction. Polygon Hermez fees today are $0.25 just to push ETH, Arbitrum One fees are around $0.80 and Optimism fees are $0.83 per ETH transfer. Swapping tokens on these networks will cost the users more gas. The cheapest L2 method to swap tokens on Sunday is via Zksync at $0.45 per blockchain transaction.

What do you think about average transaction fees on the Ethereum network dropping? Let us know what you think about this subject in the comments section below.

via Jamie Redman