Following Ethereum’s transition from proof-of-work (PoW) to proof-of-stake (PoS) on September 15, the blockchain network’s transaction fees are significantly lower than ten days before the merger. Four months ago on May 13, 2022, high-priority Ether transactions could cost 68 gwei or $2.97 per transaction, and today at $0.18, high-priority Ether transactions are 93% cheaper.
Ethereum fees will remain low following the merger
Etherscan.io gas tracking indicates the highest priority transaction on September 17, 2022 will be around 8 gwei or $0.18 per transaction, making the cost of trading on the Ethereum network cheaper post-merger. 12 days ago on September 5th, the highest priority ETH transfer was 14 gwei or $0.47 per transaction.
Payment metrics from etherscan.io indicate that today’s ETH transaction fees are over 61% cheaper than 12 days ago. Additionally, Ethereum’s recent shift from PoW to PoS has also caused a few payment aggregation portals such as bitinfocharts.com to publish incorrect payment data.
At $0.5888 per transfer, data from ycharts.com shows that the average ethereum (ETH) fee has decreased since the merger. The metrics show that on September 14th, the average transaction fee on the ETH network was $0.6293 per transaction, and on the day of the merger, fees rose to $0.9812 per transaction.
Ethereum’s gas payout is also 93% lower than it was four months ago on May 13, 2022. According to Ycharts.com statistics on May 13, the average payout was $1.37, down 57.66% from the current average payout of $0.58 per transaction.
According to data from archive.org, Etherscan.io’s gas tracker shows that Ether’s payment peaked 127 days ago in mid-May. At that time, the highest priority transaction was 68 gwei or $2.97 per transaction to easily send Ethereum, compared to today’s highest priority of $0.18.
Today, etherscan.io’s gas tracker shows that Openea costs $0.61 to sell, compared to $28.58 four months ago. The Uniswap Decentralized Exchange (DEX) swap cost $1.58 on September 17, but on May 13, it was at about $26.07.
Sending an ERC20 token like tether (USDT) or usd coin (USDC) is also cheaper today at $0.46 per transaction. But 127 days ago, it cost approximately $7.65 per transaction for a user to send an ERC20-based coin.
As Bitcoin.com News has reported on multiple occasions in 2022, Ethereum data fees have been steadily decreasing since mid-May. Post-merger data shows that onchain ETH fees remain low.
What do you think about the post-merger statistics showing that Ether fees will remain low? Let us know what you think about this in the comments section below.
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