Ethereum Fees Drop to the Lowest Rate in 4 Months, 71% Lower Than Transfer Fees in January

Original author: Jamie Redman

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The average transaction fee on the Ethereum network has dropped to the lowest level in four months, according to statistics on February 13, 2022. Mid-September 2021 was the last time gas fees on Ethereum were this low, as average fees have dropped to roughly $15.13 per transfer.

Ethereum Fees Slide Lower

It costs less to transact on Ethereum today, than it was in mid-January 2022, when the average transaction fee on Ethereum was around $52.46 per transfer. Today, statistics indicate that in order to move ethereum (ETH), it will cost 0.0052 ETH or $15.13 per transaction. The median-sized transfer fee on Ethereum is even cheaper, as metrics on bitinfocharts.com indicate the median-sized gas fee today is 0.0023 ETH or $6.67 per transfer.

The last time Ethereum fees were this low was four months ago in mid-September 2021. In between that time, the average transaction fee on the Ethereum cost more than $15 per transaction. The fees today are 71.15% lower than the $52.46 average transaction fee recorded on January 10, 2022. Today’s average gas fee on Ethereum is still 552% larger than the average transaction fee on the Bitcoin (BTC) network, which currently is $2.30 per onchain transfer.

Lowest L2 Transfer Fee Is $0.19 per Transfer, 5 out of 6 L2 Platform Fees Under $1

Since the Ethereum London upgrade on August 5, 2021, the implementation of the Ethereum Improvement Proposal (EIP)-1559 has made it so the crypto asset is deflationary. Since that day in August, close to 2 million or 1,828,701 ethereum has been burned so far. The number of ethereum (ETH) burned is equivalent to $6.6 billion in USD value. Of course, with onchain Ethereum network transfers being cheaper, layer-two (L2) network fees are less expensive as well.

Currently, five out of six L2 platforms listed on l2fees.info are less than a dollar. To move ethereum (ETH) using Zksync, it will cost a user $0.19 per transfer, and leveraging Loopring will cost $0.20 per transaction. Polygon Hermez fees today are $0.25 just to push ETH, Arbitrum One fees are around $0.80 and Optimism fees are $0.83 per ETH transfer. Swapping tokens on these networks will cost the users more gas. The cheapest L2 method to swap tokens on Sunday is via Zksync at $0.45 per blockchain transaction.

What do you think about average transaction fees on the Ethereum network dropping? Let us know what you think about this subject in the comments section below.