In the more than two weeks leading up to the merger, the average ether transfer fee for the Ethereum network has dropped to 0.00092 ether, or $1.37 per transaction, on August 28. Medium-sized fees are around 0.00036 Ether, or $0.544, per transfer, and EtherScan announced that an upfront fee of 11 gwei, or $0.34, is required to confirm a transaction on the io gas tracking device in approximately 30 seconds.
Ethereum on-chain transfer fees are low, L2 transfer and exchange fees are still cheap
In the year On August 16, the Ethereum Foundation updated a previously published blog post to make it clear that the merger would not reduce gas fees and improve productivity. With the merger just over two weeks away, Ethereum Gas fees are significantly lower than they were before mid-June.
At that time, Ethereum’s average gas fees started to drop from $3.86 per transaction in mid-June to 0.00086 Ether or $1.46 per transfer in the first week of August. According to bitinfocharts.com, gas fees are still low today as the average fee is currently 0.00092 Ether or $1.37 per transaction.
Bitinfocharts.com’s metrics further show that Sunday’s average rate of Ethereum payout is 0.00036 Ether, or $0.544 per transaction. Etherscan.io data shows that gas prices are low with the website’s unique gas tracking tool.
Currently, as of 4:30 PM (EST) on August 28, 2022, according to etherscan.io, the highest “priority” gas charge is 11 gwei or $0.34 per transfer. Openea charges $1.17 per transaction, Uniswap trade charges the user $3.03 using the priority transfer setting, and to send an ERC20 token as tether (USDT), etherscan.io estimates the cost to be around $0.89 per transaction.
While ETH fees are low, they are twice the average transaction fees of Bitcoin (BTC), which was 0.000039 BTC or $0.785 per transaction on Sunday. Medium-sized fees on the Bitcoin blockchain are 0.000013 BTC or $0.258 per transaction, which is lower than ETH’s medium-sized transaction fees.
In terms of 24-hour rewards, ETH miners earned $41,107,170 in block rewards, while BTC miners earned $35,976,600 in block rewards and transaction fees. Since onchain Ethereum data fees have dropped significantly, it is still very cheap to transact through Ethereum-compatible layer two (L2) payment rails.
l2fees.info estimates that the cost to transfer Ether on Metis is $0.01 per Metis and to exchange coins on Metis is about $0.06 per transaction, Metis Network is the cheapest transfer fee today. Loopring ether transactions cost approximately $0.03 per transaction; The L2 estimated cost of trading through Loopring is $0.37 per transaction.
L2 fees on Zksync, Arbitrum, Boba Network, Optimism, Aztec Network and Polygon Hermez are all lower than onchain transfer fees. Fees on these networks are lower than on-chain swap fees on traditional trades such as Uniswap, a decentralized exchange (DEX).
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