On Saturday, Ethereum transaction fees hit a low not seen since November 2020 as the average network fee dropped to 0.0016 ether, or $1.67 per transfer. Average fees on Saturday were as low as 32 gwei, or $0.69 per transfer, as Ethereum gas fees have fallen steadily since May 11, 2022.
Ethereum Fees Drop To The Lowest Range Since November 2020
Ethereum’s average gas prices It reached its lowest level on July 2, 2022, not seen in 19 months or November 12, 2020. Essentially, the gas or network fee is an amount of ethereum (ETH) required to force a transaction on the blockchain network.
Like the Bitcoin (BTC) network, ETH gas fees compensate the network’s mining participants to reward them for verifying transfers. In the early days, ETH transfers were negligible and From August 2015 to July 2016The average gas fee was less than a US cent per ETH transfer.
Between July 2016 Until May 2017, Ethereum network fees ranged from $0.01 to $0.10 per transfer. Today, Ethereum fees are slightly more expensive, with average fees per transaction reaching $69 on May 12, 2021.
Between August 2021 and February 2022, fees did not fall below $20 per transfer. At times during this time, fees have increased to $30, $40, and $50 for each transaction based on the day. Average network fee on May 1, 2022 $196 per transferthanks to a popular swap-free token (NFT) sale that day.
The aforementioned fees also apply to sending ether only, and an Opensea contract, decentralized exchange (dex) exchange or an ERC20 transfer can cost even more.
Average Size Fees Tap $0.69 per Transaction, Lower L2 Fees
On July 2, 2022, average fees hit as low as 0.0016 ether, or $1.67 per transfer. The last time fees on the Ethereum network were this low mid November 2020. On November 12, 2020, the average ETH fee was 0.0034 ether or $1.55 per transfer.
Also the web portal on Saturday etherscan.io‘s gas tracker shows the top Ethereum network fee as low as 32 gwei, or $0.69 per high-priority transfer. Data from Etherscan.io shows that an Opensea sale for a transaction would cost $5.05, a Uniswap trade would cost $6.10, and to transmit an ERC20-like tether (USDT) it would cost $1.79 per transaction.
Metrics from bitinfocharts.com show a median size transaction fee of 0.00065 ether or $0.695 per transaction. The second layer (L2) transaction fees are also cheaper, given the fact that the average and median size network fees on Ethereum are much lower than at 596 days.
L2fees.info data shows that Loopring transaction costs less than one US cent, Zksync transfers cost $0.01, and Metis Network costs $0.01 to send a transaction. Optimism is $0.03 on Saturday, Boba Network is about $0.06, and Arbitrum fees are $0.10 per transaction. For transactions this weekend, Polygon Hermez costs $0.25 per transfer and Aztec Network costs $0.35.
What do you think of the low Ethereum network transfer fees on July 2, 2022? Let us know what you think about it in the comments section below.
Image Credit: Shutterstock, Pixabay, Wiki Commons
disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or an advice 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 liable, directly or indirectly, for any damage or loss allegedly caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.