Following a Brief Fee Surge, Gas Prices to Move Ethereum Drop 76% in 12 Days.
After 12 days, average ether fees are on the verge of falling below $10 per transaction, with median prices hovering around $4. Furthermore, layer two (L2) transaction fees have decreased in recent years, with the current lowest L2 charge being $0.03 per transfer.
Ethereum's average network costs grew from $5.98 per transfer in mid-March to $43.41 on April 5, 2022, from a low of $5.98 in mid-March to the first week of April. That's a 625 percent rise, but after April 5, the average ether gas fee began to decline to far lower levels. The average network charge to send ETH onchain via layer one (L2) today, April 17, 2022, is 0.0034 ETH or $10.32 per transfer.
The average network cost is a dynamic figure that never stays the same. It's also not a hard requirement because the average fee just shows the average amount of ether users are ready to pay to get their ethereum transactions validated at the moment.
The average ethereum transfer fee is lower than the median, indicating that network users are paying less to get their ethereum transactions validated. The median ethereum gas fee is currently 0.0011 ETH, or $3.47 per transaction, as of April 17.
Ethereum users who pay the median network cost save 66.37 percent compared to those who pay the average gas fee. On April 5, the median-sized ether fee jumped to $10.31 per transfer, similar to the average fee 12 days prior. As previously stated, the average and median fees are only the cost of transmitting ether; sending an ERC20 token, trading a token, or dealing with a smart contract will cost significantly more.
Statistics on Sunday indicate that, layer two (L2) fees have also decreased significantly in recent years. On Sunday, the L2 rollup solution Metis Network is currently the lowest, costing $0.03 per transfer. In practise, this means that transactions on the Metis Network are 99.70 percent less expensive than onchain transactions. Using Metis today, swapping ERC20 tokens will cost $0.16 each transaction.
Loopring is the second-cheapest L2 rail to use this weekend, with ethereum sending charges of $0.05. (ETH). At the time of writing, the cost of swapping tokens with Loopring was $0.76. Sending ether costs $0.05 each transaction on Zksync, and switching coins costs roughly $0.13 every transaction. Boba Network, Optimism, Polygon Hermez, Aribitrum, and the Aztec Network are also available to L2 members. Aribitrum One, the optimistic rollup option, presently costs $0.45 per transaction to send ether and $0.62 per transaction to swap coins.
While Ethereum onchain fees are now cheaper, bitcoin (BTC) transfer fees are far lower onchain. At the time of writing, the average cost of sending BTC is 0.000000084 BTC per byte, or 0.000028 BTC ($1.15) per transaction. The average BTC transaction charge is 88.85% less than the average ETH transaction fee. On Sunday, the average charge on the Bitcoin network was 0.0000082 BTC, or $0.332, which is 90.43 percent less than the average fee on Ethereum.