Ethereum Fees Drop 53% in 20 Days — Polygon Hermez, Loopring Offer Lowest L2 Fees

Original author: Jamie Redman

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Ethereum’s average network fees have dropped to the lowest value in 30 days at 0.0096 ether or $24.64 per transaction. Median-sized ethereum fees are lower today as well, as fees are between $8.37 to $10.82 per transaction as ether fees haven’t been this low since January 1.

Onchain Ethereum Fees Drop, Current Bitcoin Fees 91% Cheaper Than Ethereum Fees

• It’s cheaper today to send ethereum (ETH), as network fees are 0.0096 ETH or $24.64 on average to send the second leading crypto asset. On January 30, 2022, ethereum has a 24-hour price range of around $2,575 to $2,647 per unit.

• Average-sized ETH fees haven’t been this low since January 1, 2022, when the average-sized fee (ASF) was $25.75 per transfer. Ethereum fees reached a high on January 10, at $52.46 per transaction and the current ASF today is 53.03% lower than the high.
• Median-sized fees (MSF) on Ethereum are also lower today, as the MSF on ETH on January 10, is $29.92 per transfer. Statistics show MSF on Ethereum today are between $8.37 to $10.82 per transfer which is 63.83% lower than the MSF on Ethereum on January 10.

• Ll2fees.info metrics show the MSF on Ethereum today is $8.37 to send ethereum, $19.14 to send tokens, and to swap tokens it costs $41.87. Polygon Hermez is the cheapest Layer two (L2) transfer fee today with $0.25 per transfer.
• Loopring fees are $0.29, Zksync fees are $0.37 per transfer, Optimistic costs $1.75, Arbitrum transfers are $1.91, and Boba Network L2 fees cost $2.24 per transfer. To swap tokens Loopring will be $0.65 per swap, Zksync is $0.90, Optimistic is $2.58, Boba Network is around $2.94, and Arbitrum is $3.30 per transaction.

• At 0.00000014 BTC per byte and 0.000054 BTC or $2.02 per BTC transaction, fees are 91.80% cheaper on the Bitcoin (BTC) blockchain.
• The MSF on Bitcoin is 0.000014 BTC or $0.52 per transfer which is 95.19% cheaper than ETH’s MSF rates.
• The ASF on Ethereum hasn’t been under $1 since mid-November 2020. MSF on Ethereum dipped under $1 per transfer at that time as well.

What do you think about ethereum fees being 53% lower than they were on January 10? Let us know what you think about this subject in the comments section below.