Ethereum gas fees are currently 62% cheaper than last month – Bitcoin News
As of November 9, 2021, which is 46 days ago, transaction fees on the Ethereum network have been reduced by more than half of the rate they were on that day. Back then, the average fee to move Ethereum was $ 62.84 per transfer and since then the fee has dropped 62.85% to $ 23.34 per transaction.
From $ 62 to $ 23 per transaction, Ethereum fees have been reduced by more than 62%
Just over a month ago, it was much more expensive to transfer ethereum (ETH) on-chain, let alone move an ERC20 token, trade tokens, or interact with a smart contract. On December 25, measurements show the average fee spent on the Ethereum network to be $ 22.80 or 0.0056 ether per transaction.
The day before, it was $ 23.34 per transaction, 62.85% lower than the charges recorded on November 9. The savings of 62% per data transfer cost is considerable and the median ether charge is even cheaper. Statistics from bitinfocharts.com show that on November 9 the median ether fee was $ 34.28 per transaction and today the fee is 0.0032 ETH or $ 12.99.
The decrease in median charge size was also more than 62% lower than the measurements recorded for median ether charge 46 days ago. The data transfer charges are even lower when you consider the mid-size charges recorded by l2fees.info statistics. On Saturdays, the transaction fee with ethereum is $ 6.78 per transaction, but moving a token will cost $ 15.49 per transfer.
Layer 2 networks always move the ether for less money
Redeeming a token will cost the user $ 33.89 per transaction according to statistics from l2fees.info today. Of course, the Layer Two (L2) transfer fees are much lower and the lowest provider today in terms of fee rate is Loopring with $ 0.16 per ether transfer. Loopring is followed by Polygon Hermez ($ 0.25), Zksync ($ 0.33), Arbitrum One ($ 1.87) and Optimism ($ 2.00). To exchange a token or interact with an Ethereum-based smart contract, it will cost a Zksync user $ 0.81, a Loopring user $ 1.02, an Optimism user $ 2.82, and an Arbitrum user $ 3.22 per transfer.
In addition to the increasingly cheaper Ethereum network fees, Bitcoin (BTC) network fees are also lower today. In fact, since the end of July, BTC fees have averaged around $ 1.50 to $ 5.00 per transaction according to data from bitinfocharts.com. On Saturday, December 25, 2021, the average bitcoin (BTC) charge is 0.000046 BTC, which is roughly $ 2.36 per transaction or 0.0000001 BTC per byte. BTC fees peaked at $ 62.77 on April 21, 2021, indicating that fees are 96.24% cheaper than the high on that day.
What do you think about the drop in Ethereum network fees of over 62% since November? Let us know what you think of this topic in the comments section below.
Image credits: Shutterstock, Pixabay, Wiki Commons, l2fees.info, bitinfocharts.com,
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