As Bear Market Claws Drive ETH Prices Down, Ethereum Network Fees Stay Low CryptoBlog

While Ethereum prices have jumped 61% in the past 30 days, the crypto asset’s US dollar value is still more than 60% lower than Ether’s all-time high recorded nine years ago. month. Amid the market downturn, the average network fee was under $5 per transaction, and on July 30, 9 p.m. ET, the average fee was around 0.001 ether or $1.70 per transfer. Additionally, the Gas Tracker on etherscan.io recorded even cheaper transfers over the weekend as transactions between $0.18 and $0.66 were confirmed by Ethereum miners.

Average and Median Ethereum Network Fees Remain Low

Ethereum is over 60% less in value than it was on November 10, 2021, but network transfer fees have been much lower these days. Data shows that on July 30, the average Ethereum transaction fee was around 0.001 ETH or $1.70 per transfer.

Median fees on the network were even cheaper at 0.00039 ETH or $0.663 per transaction. Ethereum’s average transaction fees in July did not exceed the $5 mark. Additionally, the median Ethereum fee did not cross the $2.50 per transfer mark in July.

Data transfers in late July on the Ethereum network indicate that the transfer costs recorded by etherscan.io’s Gas Tracker were well below bitinfocharts.com’s estimates. Gas Tracker statistics indicate that an Opensea sale on July 30 could cost a user $0.86, a Uniswap exchange was estimated at $2.21, and an ERC20 transfer on Saturday was around $0.65.

Layer two fees are less than $0.50 per transfer or exchange

The low to high Ethereum network transfer fees recorded by etherscan.io were between five and six gwei per transfer on July 30. These values ​​are very different from the transfer costs recorded nine months ago when ETH hit $4,878 per unit.

At that time, metrics from bitinfocharts.com detail that the average ETH transfer fee was around $29 per transfer. A snapshot recorded on archive.org shows that Gas Tracker from etherscan.io charted cheaper transaction rates.

While the July 30 fee was between five and seven gwei, the lowest fee on November 9, 2021 was 171 gwei or $12.83 per transfer. The cost of an ERC20 transaction was $39.71 and a decentralized exchange (dex) was $122.18.

With Ethereum network fees so low, the layer two (L2) fees recorded on July 30 were even lower. A Loopring transfer cost $0.02 and to exchange tokens the cost was $0.39. ZKSync transactions were $0.05 and token trades were around $0.13. Optimism and Arbitrum have the highest L2 fees with $0.21 to $0.25 per trade and $0.31 to $0.41 per swap.

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What do you think of Ethereum fees remaining low over the past 30 days? Let us know what you think about this topic in the comments section below.

Jamie Redman

Jamie Redman is the news manager for Bitcoin.com News and a fintech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He is passionate about Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written over 5,700 articles for Bitcoin.com News about disruptive protocols emerging today.




Image credits: Shutterstock, Pixabay, Wiki Commons, gas tracker from etherscan.io

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