Ethereum Gas Fees Falls from $63 to $23 in a Month
Because of the reduction in processing costs on the Ethereum platform since November 9, 2021, or 46 days earlier, transaction charges on the blockchain network are now over half of what they were on that date. During the period, the average charge to transfer ether, the native crypto of ethereum blockchain, was $62.84 per transfer, however fees have now reduced by 62.85 percent to $23.34 each transaction.
When I first started using Ethereum (ETH) onchain, it was much more costly to do so, leave alone transferring an ERC20 token, exchange tokens, or engage with a smart contract. That has all changed in the last month. Data collected on December 25 shows that the average cost paid on the Ethereum blockchain network is $22.80 (or 0.0056 ether) per trades, according to statistics.
The rates were $23.34 per transfer the day before, which is 62.85% below the charges reported on November 9 of this year. The reduction in price per data transmission of 62% is significant, and the average ether price is considerably less expensive. According to data from bitinfocharts.com, the average ether charge was $34.28 per trade on November 9, and the charge currently is 0.0032 ETH (or $12.99) per transaction.
The decline in the magnitude of median charges was also over 62% smaller than the measures observed for average ether fees 46 days before. The median-sized cost reported by l2fees.info statistics shows that data transfer charges are significantly below than previously thought.
Transferring a token would cost $15.49 each transfer on Saturday, whilst transacting with ether will command a fee of $6.78 per trade on the same day. In today’s market, exchanging a crypto token will result in a charge of $33.89 per trade, as per figures from l2fees.info. Overall, layer two (L2) transaction charges are far cheaper, with Loopring now charging $0.16 per ether transmission to be the cheapest provider in regards of charge rates currently.
Led by Polygon Hermez ($0.25), Zksync ($0.33), Arbitrum One ($1.87), and Optimism ($2.00), Loopring ranks first in the cryptocurrency market. A Zksync user will pay $0.81 per transfer, a Loopring user will pay $1.02 per transmission, an Optimism user will pay $2.82 per transfer, and an Arbitrum user will pay $3.22 per transfer to exchange a token or engage with an Ethereum-based smart contract.
Along with Ethereum network costs being less expensive, Bitcoin (BTC) network charges are also becoming less expensive today. In reality, as per statistics from bitinfocharts.com, BTC costs have been averaging approximately $1.50 to $5.00 per transfer on average since the end of July 2021. Bitcoin (BTC) transaction fees are around $2.36 per trade (or 0.0000001 BTC per byte) on Saturday, December 25, 2021, with an average charge of 0.000046 BTC.
In fact, BTC charges hit a peak of $62.77 on April 21, 2021, which means that costs are now 96.24 percent less expensive than the peak reported on that same day.