The Ethereum network’s transaction fees have been reduced by more than half than what they were on November 9th, 2021. The average fee at the time to move Ethereum stood at $62.84 for every transfer. Since then, the fees have been reduced to $23.34 per transaction, which is a fall of almost 62.85%. More than a month ago, transferring Ethereum (ETH) onchain had been more expensive, let alone swapping tokens, moving an ERC20 token, or even interacting with a smart contract. Metrics on December 25th showed that the Ethereum network’s average fee was around 0.0056 ether per transaction, or $22.80.
It had been $23.34 per transaction a day before, which brings it 62.85% lower than the fees that was incurred on November 9th. Savings of 62% in the cost of every data transfer is significant and the median ether fee is even lower. According to statistics, the median ether fee on November 9th had been around $34.28 per transaction and the fee has now reached $12.99, or 0.0032 ETH. The fall in median fees size was also about 62% than what it had been almost 47 days ago. As a matter of fact, data transfer fees have gone even lower, considering some of the statistics recorded. The fee of transacting with Ethereum had been $6.78 per transaction on Saturday.
However, the cost of moving to the token would be about $15.49 per transfer. Users will have to pay $33.89 per transaction for swapping the token. It should be noted that the transfer fees for layer two (L2) is a lot lower and Loopring is the lowest provider in terms of low fees with $0.16 being charged for every ether transfer. Then comes Polygon Hermez, which is charging $0.25, Zksync, which is charging $0.33, Arbitrum One, which is charging $1.87 and Optimism, which is charging $2.00. In order to interact with an Ethereum-based smart contract, or for swapping a token, a Zksync user would have to pay $0.81, $1.02 for a Loopring user, $2.82 for an Optimum user and $3.22 for an Arbitrum user for every transfer.
Moreover, it should be noted that it is not only the Ethereum network fee that has declined, as the same has also occurred on the Bitcoin (BTC) network. As a matter of fact, statistics indicate that since the end of July, the fees on the Bitcoin (BTC) network have been around $1.50 to $5.00 for every transaction. The average fee for Bitcoin (BTC) was about 0.000046 BTC on Saturday, December 25th, which brings it to about 0.0000001 BTC per byte, or $2.36 per transaction. On April 21st, 2021, BTC fee had reached a high of $62.77. This shows that BTC fees have declined by almost 96.24% since that day, which is quite significant.
The fall in Ethereum’s gas fees would be good news for the network users, as the high cost has been a major reason for complaints amongst the users. It has been talked about quite a lot recently because the costs have been rising continuously.