Ethereum Fees Drop 35% Since Last Week, Average ETH Gas Fee Still Above $30 per Transfer

Original author: Jamie Redman

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According to statistics, Ethereum network transaction fees have dropped 35% from the transfer fees recorded seven days ago. At the time of writing, the average fee to transact with ethereum is 0.0099 ether or $30.85 to $33.04 per transfer. The cheapest Layer two (L2) method to transfer ether on Wednesday is $0.25 per transaction using Polygon Hermez.

It’s Cheaper to Move Ethereum Today, Network Still Has Higher Transfer Fees Than Most Blockchain Networks

While data transfer fees on the Ethereum network have slid 35% in the past week, fees are still considerably higher than most smart contract networks. Seven days ago, ETH fees were $51.24 per transfer and today, metrics indicate it costs $30.85 to $33.04 in gas per transfer. The fee data only accounts for moving ethereum (ETH) as it costs more to interact with a smart contract to move an ERC20 or swap tokens.

The average transaction fees on the Ethereum network are some of the highest fees paid to miners. Median-sized transaction fees recorded on Wednesday are lower and l2fees.info indicates the median fee is around $6.82 per transfer.

While stats from bitinfocharts.com show the median gas fee is 0.0047 ether or $14.78 per transfer. Metrics recording the median-sized ethereum gas fee on January 10, 2022, showed the fee was once $29 per transfer.

Ethereum Miner Rewards 14% Higher Than Bitcoin’s Daily Rewards, Polygon Hermez the Cheapest L2 Method to Move Ether Today

Data indicates that while Ethereum network fees have been cheaper, the blockchain still rakes in more fees per day. Metrics show on January 19, the Bitcoin network saw $76.3 million in miner rewards during the last 24 hours, while Ethereum captured $87.1 billion in miner rewards.

At the time of writing, the current average fee to move bitcoin (BTC) is around 0.0000001 per byte or 0.000035 BTC or $1.50 per transfer. BTC’s median-sized network fee is lower at 0.0000078 BTC or $0.328 per transaction on Wednesday.

L2fees.info indicates the cost to move an Ethereum-based token on Wednesday is $15.60 per transaction and to swap a token can cost $34.11 per transaction. The cheapest method of transferring ETH via an L2 solution, is by leveraging Polygon Hermez at $0.25 per transfer, according to l2fees.info data. The Polygon Hermez transfer fees are followed by Zsync ($0.30), Loopring ($0.32), Optimism ($1.42), Arbitrum ($2.14), and Boba Network ($2.38).

What do you think about the current fee rate to move ethereum on Wednesday? Let us know what you think about this subject in the comments section below.