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 drop
It is much cheaper to transact with the Ethereum (ETH) network on February 27, as the average size fee has dropped to 0.0039 ETH or $10.26 per transfer. The last time Ethereum network fees were this low was six months ago, at the end of 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 come down since that day and mid-sized gas fees have followed. While the mid-size gas fee was $29 in ether 48 days ago on January 10, today it is down 84.31% to 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 through 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 is equivalent to 0.000032 BTC or $1.20 per transaction. Additionally, the mid-size bitcoin fee on Sunday is around 0.0000078 BTC or $0.29 per transaction.
