The average transaction fee on the Ethereum network has dropped to the lowest level in four months, according to statistics on February 13, 2022. Mid-September 2021 was the last time gas fees on Ethereum were this low, as average fees have dropped to roughly $15.13 per transfer.
Ethereum fees drop
It costs less to transact on Ethereum today than it did in mid-January 2022, when the average Ethereum transaction fee was around $52.46 per transfer. Today statistics indicate that to move Ethereum (ETH) it will cost 0.0052 ETH or $15.13 per transaction. The median size transfer fee on Ethereum is even cheaper, as metrics on bitinfocharts.com indicate that the median size gas fee today is 0.0023 ETH or $6.67 per transfer.
The last time Ethereum fees were this low was four months ago in mid-September 2021. In between that time, the average transaction fee on the Ethereum cost more than $15 per transaction. The fees today are 71.15% lower than the $52.46 average transaction fee recorded on January 10, 2022. Today’s average gas fee on Ethereum is still 552% larger than the average transaction fee on the Bitcoin (BTC) network, which currently is $2.30 per onchain transfer.
Lowest L2 transfer fee is $0.19 per transfer, 5 out of 6 L2 platform fees less than $1
Since the Ethereum London upgrade on August 5, 2021, the implementation of Ethereum Improvement Proposal (EIP)-1559 has caused the crypto asset to be deflationary. Since that day in August, almost 2 million or 1,828,701 ethereum have been burned so far. The number of Ethereum (ETH) burned is equivalent to $6.6 billion in USD value. Of course, since Ethereum onchain network transfers are cheaper, layer two (L2) network fees are also cheaper.
Currently, five out of six L2 platforms listed on l2fees.info are less than a dollar. To move ethereum (ETH) using Zksync, it will cost a user $0.19 per transfer, and leveraging Loopring will cost $0.20 per transaction. Polygon Hermez fees today are $0.25 just to push ETH, Arbitrum One fees are around $0.80 and Optimism fees are $0.83 per ETH transfer. Swapping tokens on these networks will cost the users more gas. The cheapest L2 method to swap tokens on Sunday is via Zksync at $0.45 per blockchain transaction.
