Significant Drop in Ethereum Fees but Average Fees Still above $30 Per Transfer

Recently, it has been observed that transaction costs on the Ethereum (ETH) network have decreased by 35% over the previous week. According to the current market conditions, one Ethereum transaction costs between $30.85 and $33.04, or approximately 0.0099 ether on average. As far as L2 ether transfers are concerned, Polygon Hermez is the most economical choice on Wednesday, costing just $0.25 per transaction.

However, although Ethereum’s transfer costs have been reduced, they continue to be greater than those charged by the vast majority of other blockchain networks. Even though these fees have been reduced by a third in the last week, they remain much more than those charged by other smart contract networks. Statistics show ETH prices have dropped from $51.24 to $30.85 and ultimately $33.04 per transfer in just the past seven days, a fall from the previous high of $51.24. The additional fees associated with using a smart contract to transfer or sell ERC20 tokens have resulted in fee data only considering this.

Bitinfocharts.com reports that the average transaction cost for ETH on January 19, 2022 is $14.78 per transaction, based on data from January 19, 2022. As reported by Bitinfocharts, the average gas charge for Ether is around 0.0047 ether, which is $14.78 per unit on a unit-to-unit basis. According to the most recently available information, measuring data collected on January 10, 2022, revealed that the typical Ethereum gas charge was $29 per transfer.

Because it is 14 percent less expensive than Bitcoin, Polygon Hermez is currently the most cost-effective L2 option for transferring Ether. According to recent research, the Ethereum blockchain is still raking in more fees each day, although network costs have declined. On January 19, Bitcoin miners got $76.3 million in incentives, whereas Ethereum miners collected $87.1 billion in rewards on the same day, according to the results of the measures.

As a result of the publication of information from buybitcoinworldwide.com’s “Flippening Watch,” it is expected that the mining incentives for Ethereum would surpass the mining rewards for Bitcoin by 14.1 percent on January 19, 2022. With the current exchange rate, each bitcoin transfer costs an average of 0.0000001 BTC (about USD 1.50) (BTC). According to the BTC network charge calculator, Wednesday’s median BTC network cost was 0.0000078 BTC, equivalent to $0.328.

According to the most recent data, the median ETH network fee was $0.0017, approximately USD 1.85. When transferring ETH, the average gas cost is now $0.000167 per transfer, equalling around $1.49 at the current exchange rate of roughly $1,000 per ETH.

According to the highest gas price of $0.01 per transfer, it costs approximately $1.50 to send 1 ETH on average; however, the median gas price of $0.0019 is approximately $2.05, making it cost approximately $1.50 to send 1 ETH. It costs approximately $2.05 to send 1 ETH on average at the highest gas price of $0.01 per transfer; however, the median gas price was only $0.0019, equal to approximately $1.85 at current exchange rates of roughly $1,000/ETH. The lowest gas price was only $0.0019, equivalent to around $1.85 at about $1,000/ETH current exchange rates.

Currently, the average cost of a Bitcoin transaction (Bitcoin) is approximately 0.0000001 BTC (nearly $1.50 US dollars). On Wednesday, the median Bitcoin network fee was 0.0000078 BTC (equivalent to around $0.328), according to Blockstream. Bitcoin transactions may cost anything from a few cents to more than a dollar, depending on the market circumstances and network activity at the time of the transaction.

On Wednesday, the highest charge paid to transfer one bitcoin was 0.00000947 BTC (equivalent to around $4). According to BitInfoCharts data on the three-day average network fee rate for transactions of various sizes in comparison with the median fees per byte paid today by miners who process the transactions and collect them into blocks that they add to the blockchain ledger that underlies Bitcoin’s distributed ledger technology consensus, the highest fee paid for any single transaction on Tuesday or Wednesday was 0.00005792 BTC, equal to about $3.04 at the time of writing this article, according to the highest fee paid for any single transaction on Tuesday

As a result, the median transaction fee paid to move bitcoins on the Bitcoin network has recently increased to $1.50, which is now equal to approximately 0.0000078 BTC, or less than one satoshi per byte of data, compared to the previous $1.50 (0.00000078 BTC or 78 satoshis). Comparing the median transaction cost of $0.04 in March 2016 to the current level, Bitcoin’s transaction fees have increased by more than 100 times, making them the highest they have ever been in the cryptocurrency’s eight-year existence.

According to BitInfoCharts data on the average network fee rate for transactions of various sizes on Tuesday and Wednesday, the median fee paid by users who sent transactions with multiple fees attached to them was $1.30, in comparison to the median fee per byte paid today by miners who process the transactions and collect them into blocks they add to the blockchain ledger that underpins Bitcoin’s distributed ledger technology consensus mechanism that prevents double-spending.

A transfer of an Ethereum-based token will cost $15.60 on Wednesday, while trading a token would cost $34.11 on the same day, according to L2fees.info. According to the findings of L2fees.info’s study, Polygon Hermez is the most cost-effective way of transferring ETH through the L2 network. In the cryptocurrency market, Polygon Hermez, Zsync, Loopring, Optimistic, Arbitrum, and Boba Network all charge fees among the highest in the business.