Ethereum Fees Drop In January

Ethereum Fees Drop In January

Business Crypto news Technology
February 21, 2022 by Super System
245
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
Ethereum Fees Drop

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 Drop

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.