It’s getting cheaper to send ethereum these days as the gas price to push a transaction is more than 80% less expensive than it was to transact with ether 48 days ago on January 10. On that day, Ethereum network fees were around $52 per transaction and today, the average transaction fee is $10.26 per transfer. While on-chain fees are cheaper, layer two (L2) transactions have followed suit dropping significantly during the last seven days.
Ethereum Gas Fees Continue to Slide
It’s a lot less expensive to transact with the Ethereum (ETH) network on February 27, as average size fees are down to 0.0039 ETH or $10.26 per transfer. The last time Ethereum network fees were this low was six months ago, back in late-August 2021.
Currently, with average fees at $10.26 per transfer, it’s 80.26% cheaper than it was transferring ETH on January 10, 2022. At that time over a month ago, the average transaction fee was $52 per transaction.
Ethereum fees have been sliding downward ever since that day and median-sized gas fees have followed. While the median-sized gas fee was $29 in ether 48 days ago on January 10, today it’s down 84.31% lower at 0.0017 ETH or $4.55 per transfer.
L2 transactions are also cheaper than on-chain transactions since gas fees have plummeted. Currently, the lowest L2 fee to send ethereum is by leveraging Loopring for $0.13 per transfer. To swap tokens with Loopring, the gas fees will cost $0.66 per swap at the time of writing.
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) in order to push an ethereum (ETH) transaction via L2.
The cost to swap tokens through these L2 platforms is $0.39 using Zksync, $0.78 leveraging Arbitrum, $1.66 via Boba, and $1.83 Optimism.
On-chain fees on the Bitcoin (BTC) network are also lower at 0.000000086 BTC per byte on February 27, 2022, which equates to 0.000032 BTC or $1.20 per transaction. Moreover, the median-sized bitcoin fee on Sunday is roughly 0.0000078 BTC or $0.29 per transaction.
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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.
Jamie Redman
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