While up over 62% over the past 30 days, the Ethereum price is still 60% below its all-time high recorded nine months ago. Amid the market downturn, the network’s average fee is less than $5 per transaction.
As of August 1, BitInfoCharts data shows that the average fee is around 0.001 ETH, or $1.70 per transfer. Furthermore, Gas Tracker on Etherscan recorded even cheaper transactions over the weekend, in the $0.18 to $0.66 range.
Ethereum is worth 61% less than November 10, 2021, but transaction fees on the network have been much lower in recent days. On July 30, Ethereum’s average transaction fee was around 0.001 ETH, or $1.70 per transfer.
Statistically, Median-sized fees on the network are even cheaper, at 0.00039 ETH or $0.663 per transaction.
Ethereum’s average transaction fee in July did not cross the $5 mark, while the average size fee did not exceed $2.5.
Transaction data at the end of July on the Ethereum network shows that the transfer costs recorded by Etherscan’s Gas Tracker are much lower than Bitinfocharts estimates. Gas Tracker statistics show that the sale on Opensea on July 30 was worth $0.86, the transaction on Uniswap was estimated at $2.21, and the ERC20 transfer was around $0.65.
Low to high transaction fees on the Ethereum network was recorded by Etherscan of 5 to 6 gwei per transfer on July 30. These values are vastly different from the transfer costs nine months ago when the ETH price hit $4,878.
At the time, Bitinfocharts figures reflected an average ETH transfer fee of around $29. A snapshot on archive.org showing Etherscan’s Gas Tracker recorded cheaper transaction fees.
While the fee on July 30 was between 5 and 7 gwei, the lowest fee on September 29, 2021, was 171 gwei, or $12.83 per transfer. The cost of an ERC20 transaction is $39.71, and a DEX transaction is $122.18.
With meager Ethereum network fees, layer 2 (L2) fees on July 30 are even lower. A pass-through Loopring requires $0.02, and a token swap is $0.39. ZKSync transactions are $0.05, and token swaps are 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.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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Harold
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