Transaction fees on the Ethereum network are dropping again
after average fees saw a brief spike on April 5 jumping to $43 per
transfer. 12 days later, average ether fees are close to dropping below
$10 per transaction and median-sized fees have slid below $4 per
transaction. Moreover, layer two (L2) transaction fees have also dropped
in recent times as the lowest L2 rate today is $0.03 per transfer.
Average and Median Ethereum Fees Drop
From mid-March up until the first week of April, Ethereum’s average
network fees rose from a low of $5.98 per transfer to $43.41 on April 5,
2022. That’s an increase of 625% but after April 5, the average ether gas fee started to drop once again to much lower levels. Today, April 17, 2022, Ethereum’s average network fee to simply send ETH onchain via layer one (L2), is 0.0034 ETH or $10.32 per transfer.
The average network fee is dynamic, not an exact science, and it
always changes. It’s also not a hard mandate as the average fee simply
represents the average amount of ether users are currently willing to
pay to get their ethereum transactions confirmed. The median-sized
ethereum transfer fee reflects the fact that network users are paying
less than the average to get their ethereum transactions confirmed. On
April 17, the median-sized ethereum gas fee is currently 0.0011 ETH or $3.47 per transaction.
Ethereum users paying median-sized network fees
are paying 66.37% less than those willing to pay the average gas fee.
Similar to the average fee 12 days ago, the median-sized ether fee
spiked to $10.31 per transfer on April 5. Again, as mentioned above, the
average and median fee is simply the cost to send ether as sending an
ERC20 token or swapping a token and interacting with a smart contract
will cost a lot more.
Ethereum L2 Fees Slide Lower, Bitcoin Fees 88-90% Lower
Statistics on Sunday indicate that layer two (L2) fees have dropped
much lower in recent times as well. Currently, the L2 rollup solution
Metis Network is the cheapest on Sunday and will cost $0.03 per
transfer. Essentially that means transactions on the Metis Network are
99.70% cheaper than the average onchain transaction fee. In order to
swap ERC20 tokens, it will cost $0.16 per transaction using Metis today.
Loopring is the second least expensive L2 rail to use this weekend as it costs $0.05 to send ethereum (ETH).
The cost to swap tokens using Loopring is $0.76, at the time of
writing. Zksync currently charges $0.05 per transaction as well to send
ether and swapping coins will cost around $0.13 per transfer. L2
participants can also leverage Boba Network, Optimism, Polygon Hermez,
Aribitrum, and the Aztec Network as well. The optimistic rollup solution
Aribitrum One currently costs $0.45 to send ether per transaction and
to swap coins it costs $0.62 per transaction.
While onchain fees on Ethereum are lower today, bitcoin (BTC) transfer fees are much lower onchain in comparison. At the time of writing, the cost to send BTC on average is 0.000000084 BTC per byte, which equates to 0.000028 BTC or $1.15 per transaction. The average-sized BTC fee is 88.85% lower than the average ETH fee. Median-sized fees on the Bitcoin network are only 0.0000082 BTC or $0.332 per transfer on Sunday, which is 90.43% cheaper than median-sized fees on Ethereum.
source link : https://news.bitcoin.com/following-a-brief-fee-spike-gas-prices-to-move-ethereum-drop-76-in-12-days/
