Ethereum Fees Lowest Rate In 4 Months

Ethereum has seen a massive drop in fees. The fees dropped to the lowest rate in 4 months. According to statistics published last week, gas fees were as low as $15.13 per transfer, which was the lowest encountered since mid-September last year. 

Ethereum Fees Slide Lower

The cost to transact on Ethereum today is less than it was at the start of the year when it was averaging $52.46 for each transaction. Today, statistics show that it will cost $15.14 or 0.0052 ETH to move Ethereum (ETH). In addition, the median-sized transfer fee on Ethereum is also low with fees in the region of $6.67 per transfer or 0.0023 ETH

 The last time Ethereum fees were four months ago, in September 2021. In line with that the average transaction fee on ETH was more than $15 for each transaction. However, the average gas fee on ETH is still more than 500% larger than the average transaction fee on the Bitcoin network which is around $2.30 for each transaction. 

Low L2 Transfer Fee is $0.19 for each Transfer

After the Ethereum London upgrade on August 5, 2021, the impact of ETH Improvement Proposal (EIP)-1559 allows Ethereum to be deflationary. Since the 5th of August, around 1,828,701 ETH, was burned which is equivalent to $6.6 billion. Onchain Ethereum network transfer is cheaper, later two (L2) network fees are cheap as well. 

Currently, 5 of the 6 platforms on the I2fees.info are less than a dollar. Moving to Ethereum via Zksync costs around $0.19 per transfer, leveraging Loopring costs $0.25 for each transaction, Polygon Hermez fees today are $0.25 to transfer ETH, Arbitrum One fees are $0.80 and Optimism fees are $0.83 per ETH transfer. Swapping tokens on these networks will attract more gas fees. The cheapest L2 method to swap tokens on Sunday is via Zksync at $0.45 per blockchain transaction.