After hitting a low of $2.96 per transaction on Sunday afternoon, the average Ethereum network fee has dropped to its lowest level in over ten months (ET). Last year, on July 11, 2021, Ethereum transfer fees fell below $3 for the first time. Furthermore, median fees are even lower: on May 29, the median Ethereum transaction fee was around 0.00086 ether or $1.56 per transfer.
Ethereum network fees have dropped to their lowest level in over ten months, with the average ETH transfer fee falling to $2.96 per transaction around 12 p.m. (ET) on Sunday. As the day progressed, the average ether fee increased to 0.002 ether, or $3.56 per transfer.
Transaction fees on Ethereum haven’t been this low in a long time. Since mid-February, Bitcoin.com News has reported on the fact that gas prices have been falling, with ethereum transaction fees dropping to just above $10 in the first week of March.
In addition to average ethereum fees dropping to fresh lows, median-sized gas costs have dropped a great deal this week as well. For example, on March 8, 2022, the median-sized ether fee was 0.0014 ETH or $3.73 per transfer, and today it’s 0.00086 ether or $1.56.
Furthermore, the cost of an Opensea sale is about $10.63 on the high end, and $10.26 for a lower fee. Swapping coins on a decentralized exchange (dex) platform such as Uniswap today is $9.69 on the high end, while on the low end it can cost $9.36 per transaction.
The cost to move an ERC20 token like USDT or USDC, is about $4.37 per transfer. In terms of Ethereum’s aggregate 24-hour ETH mining rewards, miners pulled in approximately $50,241,489 on Sunday, May 29. That’s around 94.7% of the fees bitcoin (BTC) miners acquired on Sunday, as bitcoin miners captured $53,035,200 in BTC mining rewards during the past 24 hours.
Layer two (L2) transfer fees to send ethereum (ETH) are also quite low on Sunday. Zksync transactions are around $0.04 to send ethereum and $0.09 to swap coins. Loopring’s ether transaction fees are the same, at $0.04 per transfer, but swapping a coin will cost $0.45 using Loopring. Using Optimism will cost $0.12 per ether transfer and leveraging Arbitrum One will cost $0.23 to move ethereum.
Boba Network’s ether transaction fees are $0.17 right now, and the cost to swap a token using Boba is $0.35. When ETH fees are low, it’s a good time to transact if there’s a need to move ethereum or an ERC20, swap tokens, or conduct a sale on a non-fungible token (NFT) marketplace.
