While Ethereum network fees to transfer data dropped significantly in recent times, tapping a low of $5.98 per transaction in mid-March, gas fees are rising once again on the second-largest cryptocurrency network in terms of market valuation. On Sunday, April 3, the average transaction network fee is around 0.0056 ether or $19.58 per transfer.
Ethereum network fee spike
Last month was one of the best times to cheaply move Ethereum (ETH) without costing a fortune in network fees. On March 12, 2022, Ethereum’s network fees fell to a low of $5.98 per transaction after peaking on January 10 at $52 per transfer.
The transaction fee data highlights that between mid-January to mid-March, ethereum fees decreased by 88.49%. However, since the low 22 days ago, Ethereum (ETH) network fees increased to $19.58 per transfer on average.
At the time of writing, the average Ethereum network fee is 0.0056 Ether per transaction, and mid-size ETH fees can cost 0.0021 ETH or $7.47 per transaction. The median fee (MSF) on Ethereum reached a low of $2.39 per transfer on March 11, 2022. On January 10, MSF on Ethereum reached a high of $29 per transfer.
While both average fees and MSF on Ethereum have risen via layer one (L1), layer two (L2) fees have also increased. Loopring currently offers the lowest L2 fee at $0.15 per transfer. To swap a token via Loopring the cost is $0.87. On Sunday, April 3, the current L1 cost to swap a token is $25.67 per transaction.
Zksync offers common Ethereum (ETH) transfers for $0.21 per L2 transfer, while token exchange transactions will cost $0.52 per exchange. Polygon Hermez costs $0.25 to just move Ethereum and Boba Network will charge $0.79 per transfer. Boba Network costs $1.27 to trade an Ethereum-based token.
Arbitrum One L2 fees are currently $0.81 per transfer and the cost to trade tokens via Arbitrum is $1.12. Optimism fees are $1.28 per ETH transfer and it’s currently $1.89 to swap a token via Optimism’s L2 infrastructure. Users can also leverage the Aztec Network which will cost $2.48 per ETH transfer, which is much cheaper than the $7.47 MSF per transaction.
