Ethereum transaction fees hit 19-month low

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Ethereum transaction fees hit 19-month low Ethereum’s average gas fees are currently very low, hitting levels not seen since November 12, 2020 – in 19 months. Essentially, a gas or network fee is an amount of Ethereum (ETH) needed to drive a transaction on the blockchain network.

Like the Bitcoin network, the ETH gas fee is to reward the network’s miners when they verify transfers. In the early days, ETH transfer fees were negligible, and from August 2015 to July 2016, gas fees averaged less than $0.01 per transfer.

From July 2016 to May 2017, Ethereum network fees were between $0.01 and $0.1 per transfer. Currently, Ethereum fees are a bit more expensive, and on May 12, 2021, the average fee is up to $69.

From August 2021 to February 2022, the fee does not fall below $20 per day. At times during that time, transaction fees go up to $30, $40, and $50 depending on the day. On May 1, 2022, the average network fee increased to $196, thanks to a popular non-fungible token sale (NFT).

The aforementioned fees also only apply to ETH deposits, and Opensea contracts, Swap on a decentralized exchange (DEX) or ERC20 transfers can be more expensive.

Layer-2 (L2) transaction fees plummeted

At the moment, the average fee is at 0.0015 Ether ($1.63) per transfer. The last time fees on the Ethereum network were this low was in mid-November 2020. On November 12, 2020, the average ETH fee was 0.0034 Ether ($1.55).

Furthermore, portal gas tracker shows Ethereum network fees dropping to as low as 11 gwei ($0.25) per high-priority transfer at the time. current point. data also indicates that a transaction on Opensea would require $1.78, a transaction on Uniswap $2.15, and to forward an ERC20 like Tether (USDT) only $0.63 at time of writing.

Figures from indicate that the average transaction fee is $0.25 per transaction. With the average network fees and average size on Ethereum much lower, Layer-2 (L2) transaction fees have also plummeted. data shows that a Loopring transaction is less than $0.01, Zksync and Metis Network are both at $0.01. Optimism and the rest of the networks are listed below.

Source: News.Bitcoin

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