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.
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.