Ethereum Network Fees Continue to Fall — Transfer Fees Fall to Their Lowest Level in 6 Months

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It’s becoming more affordable to transfer ethereum these days, with the gas price to push a transaction being more than 80% less expensive than it was 48 days ago on January 10. Ethereum network fees were roughly $52 per transaction back then, and the average transaction fee today is $10.26. Layer two (L2) transactions have dropped dramatically in the last seven days, while on-chain fees have decreased. On February 27, transacting with the Ethereum (ETH) network got a lot cheaper, as average size costs have dropped to 0.0039 ETH, or $10.26 per transfer. The last time Ethereum network fees were this low was in late August 2021, which was six months ago.

Transferring ETH is currently 80.26 percent cheaper than it was on January 10, 2022, with an average fee of $10.26 per transfer.The average transaction charge was $52 per transaction at the time, which was over a month ago.

Ethereum Network Fees Continue to Decline: Transfer Fees Have Dropped to Their Lowest Level in Six Months.

Ethereum Network Fees Continues to Drop — Transfer Fees Hit Lowest Rate in 6 Months

Since that day, Ethereum fees have been falling, and median-sized gas fees have followed suit. The median-sized gas fee was $29 in ether 48 days ago on January 10, but it’s now at 0.0017 ETH, or $4.55 per transfer, down 84.31 percent.

Since gas fees have decreased, L2 transactions are also less expensive than on-chain transactions. Currently, the cheapest L2 price to transmit ethereum is $0.13 per transfer when using Loopring. At the time of writing, the gas fee for swapping tokens with Loopring will cost $0.66 per swap.

In order to push an ethereum (ETH) transaction via L2, Loopring is followed by Zksync ($0.16), Polygon Hermez ($0.25), Arbitrum ($0.56), Boba Network ($0.99), Optimism ($1.24), and Aztec ($4.23).

Transferring coins through these L2 platforms costs $0.39, Arbitrum costs $0.78, Boba costs $1.66, and Optimism costs $1.83.

On the Bitcoin (BTC) network, on-chain costs are similarly lower, at 0.000000086 BTC per byte on February 27, 2022, equating to 0.000032 BTC, or $1.20 per transaction. Furthermore, on Sunday, the typical bitcoin charge was 0.0000078 BTC, or $0.29 per transaction.

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