Data Indicates that Ethereum Fees have been Below $5 for the Last 175 Days. Metrics Show that as of December 10, 2022, the Average Ethereum Transfer Fee is Around 0.0023 Ether, or $2.87. With the Average Gas Fee at 0.9997 Ether, or $1.23 Per Transaction.
Post-Merger Ethereum Fees are Dramatically Lower this Year than Last
On November 9, 2021, Bitinfocharts.com reported that Ethereum Network Fees were around US$62.84 Per Transaction. Today, the Average Cost to Send Ether is $2.87. That’s 95.43% Lower than it was One Year Ago.
The Ethereum Network Utilizes Gas, or a Fee to Block Spam. Every Transaction on the Chain Requires Some Gas to Power. Ethereum Fees have been Lower Since the Merger, and More Specifically, Since June 18, 2022.
During the 175 Day Period, Ethereum’s Average Fees have Been Below the $3 Range. The Same Goes for Ethereum’s Median Gas Fee which has Stayed Below $2 Per Transfer Throughout the Entire Period.
Current Gas Tracker Statistics from Etherscan.io Indicate that High Priority Fees are Much Lower than the Average and Median Fee Values from Bitinfocharts.com. At the Time of Writing on Saturday, December 10, 2022, Etherscan.io’s Gas Tracker Shows that the Highest Priority Fee for Ethereum Gas is Approximately 21 gwei, or $0.48 Per Transfer.
However, the Quoted Value Refers to Sending the Crypto-Asset Ethereum (ETH) as Interacting with a Smart Contract Costs More Gas. For Example, the On-Chain Charge for an Opensea Listing Non-Fungible Tokens (NFT) is Estimated to Cost $1.74 Per Transaction.
Sending ERC20 Tokens such as USDT, USDC or USDT can be Purchased for Around $1.31 Per Transfer. Additionally, Exchanging ERC20 Coins can Incur $4.48 in Gasoline Fees. Saturday. While On-Chain Fees for Ethereum are Low, the Layer Two (L2) Fee has Been Even Lower Over the Past 175 Days.
Arbitrum Transfer Fees of Ether are Approximately $0.03 Per Transaction and an Additional $0.03 Per Receipt. Optimism Estimated Cost for L2 Transfers is $0.10 Per Transaction. Similarly, Zksync, Loopring, Polygon Hermez, Boba and Aztec L2 Transactions are Also Less Expensive than Traditional On Chain Ethereum Transfers Over the Network.
What Do You Think? Are Ethereum Network Fees Low for an Extended Time? Let Us Know Your Thoughts on This Topic by Leaving Comments Below.
