November 2021, 46 days ago, the transaction fees in the Ethereum network were reduced by more than half. At the time, the average fee to transport Ethereum was $ 62.84 per transfer and since then the fees have decreased by 62.85% to $ 23.34 per transaction.
From $ 62 to $ 23 per transaction, Ethereum fees were reduced by more than 62%
A little over a month ago it was much more expensive to transfer Ethereum (ETH) onchain, let alone move an ERC20 token, swap tokens or interact with a smart contract. On December 25th Show metrics The average fee spent on the Ethereum network is $ 22.80 or 0.0056 ether per transaction.
The day before, it was $ 23.34 per transaction, 62.85% less than the November 9th charges. A saving of 62% per data transfer cost is considerable and the medium ether fee is even cheaper. Statistics from bitinfocharts.com show that the average Ether fee was $ 34.28 per transaction on Nov. 9, compared to $ 0.0032 today. amounts to ETH or $ 12.99.
The decrease in median fees was also more than 62% lower than the readings recorded for median ether fees 46 days ago. The data transfer charges are even lower when you consider the recorded media charge l2fees.info Statistics. On Saturday, the fee for transactions with Ethereum is $ 6.78 per transaction, but moving a token costs $ 15.49 per transfer.
Layer 2 networks are still moving ethers for less money
According to statistics from l2fees.info, exchanging a token costs the user USD 33.89 per transaction today. Of course, Layer 2 (L2) transfer fees are much lower and the lowest provider currently in terms of fee rates is Loopring at $ 0.16 per Ether transfer. Loopring is followed by Polygon Hermez ($ 0.25), Zksync ($ 0.33), Arbitrum One ($ 1.87), and Optimism ($ 2.00). To exchange a token or interact with an Ethereum based smart contract, it costs a Zksync user $ 0.81, a Loopring user $ 1.02, an Optimism user $ 2.82, and an Arbitrum user 3, $ 22 per transfer.
In addition to the ever cheaper Ethereum network fees, Bitcoin (BTC) the network charges are also lower today. In fact it has been since the end of July BTC According to bitinfocharts.com, fees averaged between $ 1.50 and $ 5.00 per transaction Data. On Saturday, December 25th, 2021, the average Bitcoin (BTC) Fee is 0.000046 BTC that’s roughly $ 2.36 per transaction, or 0.0000001 BTC per byte. BTC Fees peaked at $ 62.77 on April 21, 2021, suggesting the fees are 96.24% cheaper than the high on that day.
What do you think of the fact that Ethereum network fees have dropped more than 62% since November? Let us know what you think on this matter in the comments below.
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Source: Crypto News Austria