According to statistics on February 13, 2022, the average gas fees on the ETH network has dropped to the lowest level in four months.
Ethereum gas fees took a dip
The average gas fees of ETH took a hit as they dropped to $15.13 per transaction. This is lowest last four months. Mid-September 2021 was the last time transaction fees on Ethereum were this low.
At the end of last year, Eth gas fees were red hot, and in mid-January 2022, the average transaction fee on Ethereum was around $52.46 per transfer. According to the statistics today, in order to move Ethereum (ETH), it will cost 0.0052 ETH or $15.13 per transaction. As metrics on bitinfocharts.com show, Ethereum’s median transfer fee is 0.0023 ETH or $6.67.
Last September the average transaction fee on the Ethereum cost more than $15 per transaction. Today’s transaction fees are 71.15 percent lower than the average fee of $52.46 recorded on January 10, 2022. But, still, today’s average gas fee on Ethereum is 552% larger than the average transaction fee on the Bitcoin (BTC) network. Currently, the average transaction fee for each Bitcoin on-chain transfer is $2.30.
5 out of 6 layer 2 platforms fees is under $1
On August 5, 2021, the Ethereum London upgrade was implemented. The upgrade saw the implementation of the Ethereum Improvement Proposal (EIP)-1559 that made the crypto asset deflationary. After that day, about 2 million or 1,828,701 Ethereum has been burned so far. An estimated value of $6.6 billion of Ethereum was burned until today.
Further, with on-chain Ethereum network transfers being cheaper, layer-two (L2) network fees are less expensive as well. At the moment, five of the six platforms available on l2fees.info cost less than a dollar.
At present, Polygon Hermez’s fees are $0.25, pushing ETH and Arbitrum One fees to around $0.80, and Optimism fees are around $0.83. However, swapping tokens on these networks will cost the users more gas.
