Ethereum Transaction Fees Hit a 10-Month Low as Gas Costs per Transfer Sink Below $3

Ethereum

The average Ethereum network fee has dropped to the lowest value recorded in over ten months, after fees hit a low of $2.96 per transaction on Sunday afternoon (ET). The last time ethereum transfer fees dropped below the $3 mark was last year on July 11, 2021. Moreover, median fees are even cheaper, as the median-sized ethereum transaction fee on May 29 is around 0.00086 ether or $1.56 per transfer.

Ethereum gas costs drop to lowest levels since July 2021

Ethereum network fees are the cheapest in over ten months and around 12:00 p.m. ET on Sunday, average ETH transfer fees dropped to a low of $2.96 per transaction. As the day continued, the average Ether fee jumped a bit higher to 0.002 Ether or $3.56 per transfer.

Ethereum’s transaction fees have not been this low in quite some time. Bitcoin.com News has been covering the fact that gas costs have been dropping since mid-February and during the first week of March, ethereum transaction fees slid to just above the $10 mark.

The last time the average ETH fee fell below $3 was July 11, 2021, about ten months ago. In fact, for a few weeks in July 2021, average gas costs using Ethereum’s Layer 1 (L1) network ranged from just under $3.00 to just over $8.00 per transfer.

In addition to average ethereum fees dropping to fresh lows, median-sized gas costs have dropped a great deal this week as well. For example, on March 8, 2022, the median-sized ether fee was 0.0014 ETH or $3.73 per transfer, and today it’s 0.00086 ether or $1.56.

Moreover, the cost of an Opensea sale is around $10.63 for the high end and $10.26 for the lower rate. Exchanging coins on a decentralized exchange (dex) platform such as Uniswap today costs $9.69 on the high end, while on the low end it can cost $9.36 per trade.

The cost to move an ERC20 token like USDT or USDC, is about $4.37 per transfer. In terms of Ethereum’s aggregate 24-hour ETH mining rewards, miners pulled in approximately $50,241,489 on Sunday, May 29. That’s around 94.7% of the fees bitcoin (BTC) miners acquired on Sunday, as bitcoin miners captured $53,035,200 in BTC mining rewards during the past 24 hours.

Layer two (L2) transfer fees for sending Ethereum (ETH) are also quite low on Sunday. Zksync transactions cost around $0.04 to send ethereum and $0.09 to exchange coins. Loopring’s Ether transaction fees are the same, at $0.04 per transfer, but exchanging a coin will cost $0.45 using Loopring. Using Optimism will cost $0.12 per Ether transfer and using Arbitrum One will cost $0.23 to move Ethereum.

Boba Network’s ether transaction fees are $0.17 right now, and the cost to swap a token using Boba is $0.35. When ETH fees are low, it’s a good time to transact if there’s a need to move ethereum or an ERC20, swap tokens, or conduct a sale on a non-fungible token (NFT) marketplace.

admin

Read Previous

Investors: 60% Used Borrowed Funds to Buy Their Now-Crashed Coins

Read Next

Bitcoin (BTC) Closes Ninth Successive Bearish Candlestick

Leave a Reply

Your email address will not be published. Required fields are marked *

Right Menu Icon