Transaction fees on the Ethereum network are falling again after average fees saw a brief spike to $43 per transfer on April 5. 12 days later, average ether fees have fallen almost below $10 per transaction and median fees have fallen below $4 per transaction. Additionally, Layer 2 (L2) transaction fees have also decreased recently, with the lowest L2 rate today being $0.03 per transfer.
Average and median Ethereum fees are falling
From mid-March to the first week of April, Ethereum’s average network fees increased from a low of $5.98 per transfer to $43.41 on April 5, 2022. That’s a 625% increase, but after April 5, the average ether gas fee to rise again to significantly lower levels. Today, April 17, 2022, the average Ethereum network fee to simply send ETH via Layer One (L2) onchain is 0.0034 ETH, or $10.32 per transfer.
The average network fee is dynamic, not an exact science, and it’s constantly changing. It’s not a hard mandate either, as the average fee simply represents the average amount Ether users are currently willing to pay to have their Ethereum transactions confirmed. The medium-sized Ethereum transfer fee reflects the fact that network users pay less than average to have their Ethereum transactions confirmed. As of April 17, the average Ethereum gas fee is currently 0.0011 ETH, or $3.47 per transaction.
Ethereum users who pay medium network fees pay 66.37% less than those willing to pay the medium gas fee. Similar to the average fee 12 days ago, the average ether fee increased to $10.31 per transfer on April 5th. As mentioned above, the average and median fee is simply the cost of sending ether than sending an ERC20 token or swapping a token and interacting with a smart contract costs much more.
Ethereum L2 Fees Fall, Bitcoin Fees 88-90% Lower
Statistics from Sunday show that shift two (L2) charges have also fallen much lower recently. Currently, the Metis Network Sunday L2 rollup solution is the cheapest at $0.03 per transfer. Essentially, this means that transactions on the Metis network are 99.70% cheaper than the average onchain transaction fee. Exchanging ERC20 tokens today costs $0.16 per transaction with Metis.
Loopring is the second cheapest L2 rail to use this weekend as Ethereum (ETH) costs $0.05 to ship. The cost of exchanging tokens with Loopring is $0.76 at the time of writing. Zksync also currently charges $0.05 per transaction to send ether and swapping coins costs around $0.13 per transfer. L2 participants can also use Boba Network, Optimism, Polygon Hermez, Aribitrum and the Aztec Network. The optimistic rollup solution, Aribitrum One, currently costs $0.45 to send ether per transaction and swapping coins costs $0.62 per transaction.
While onchain fees are lower on Ethereum today, Bitcoin (BTC) transfer fees are much lower in comparison. At the time of writing, the cost of sending BTC averages 0.000000084 BTC per byte, which is 0.000028 BTC, or $1.15 per transaction. The average BTC fee is 88.85% lower than the average ETH fee. Average fees on the Bitcoin network on Sunday are just 0.0000082 BTC, or $0.332 per transfer, which is 90.43% cheaper than Ethereum’s average fees.
What do you think about the current cost of shipping Ethereum? Let us know what you think about this topic in the comment section below.
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