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

Ethereum Transaction fees have been at their lowest levels in the last four months reports news.bitcoin.com. Statistics obtained on February 13, 2022, reveal the above phenomenon. In mid-September 2021, gas fees had hit such low levels, and today, average prices have dropped to roughly$15.13 per Transfer.

Ethereum Fees Slide Lower

Today transactions on the Ethereum platform cost less than they cost in January. In January, the average transaction fee was around $52.46 per Transfer. Today it will cost 0.0052 ETH or $15.13 per transaction. Furthermore, the median-sized transfer fees are even lower as metrics on bitinfocharts.com indicate the median-sized gas fee today is 0.0023 ETH or $6.67 per Transfer.

Ethereum
Ethereum

Today, the average Ethereum Network Gas Fee is hovering around 0.0052 ETH or $15.13 per Transfer. Such low gas fees were never seen since mid-September 2021.

The last time transaction fees were this low was in September, when the gas fees were $15 per transaction. Today the transaction fees are a minuscule 71.15% lower than the $52.46 average transaction fee recorded on January 10, 2022. However, compared to average transaction costs on the BTC network, Ethereum fees are still 552% higher. The figure for an average transaction on the BTC networks works out to be just $2.30 on-chain Transfer.

The cheapest L2 Transfer Fee Is $0.19 per Transfer, 5 out of 6 L2 Platform Fees Below $1

Ethereum network saw the Ethereum London upgrade on August 5, 2021. Dubbed the Ethereum Improvement Proposal (EIP)-1559 has made it, so the crypto asset is deflationary. Since the August upgrade, close to 2 million or 1,828,701 Ethereum has been burned so far. The ETH, which has been destroyed, amounts to $6.6 billion in USD value. With the on-chain Ethereum transfers becoming cheaper, layer two network transaction fees have become more affordable.

Presently five of the six Level 2 platform transaction fees os less than a dollar. Moving Ethereum via Zksync will cost a user $0.19 per Transfer, while Loopring will cost $0.20 per transaction. Polygon Hermez charges $0.25 to push ETH while Arbitrum One charges $0.80, and Optimism charges $0.83 per ETH transfer. Swapping tokens on these networks will cost the users more gas. The most economical platform to trade tokens on Sunday is Zksync at $0.45 per blockchain transaction.