Ethereum Gas Fees Hit Lowest Since 2020 for 38 Days – Bitcoin News

After 43 days, the Ethereum network is finally ready for a full transition from Proof of Work (PoW) to Proof of Stake (PoS) with The Merge. Meanwhile, Ethereum’s Layer 1 (L1) on-chain transaction fees have fallen below $5 over the past 38 days and fell even lower at the end of July. At the time of writing, the average Ethereum network fee is 0.00086 ETH or $1.46 per transfer. The median fee is even less, as statistics show transfer fees as low as $0.21 to $0.576 per transaction on Sunday morning (EST).

Ethereum gas cost remains at lowest level since December 2020, ether transfers top Opensea burn rate

For a long time, Ethereum data fees for transactions on the network were much lower than usual.In fact, the average Ethereum network fee today is 0.00086 Ether or $1.46 per transferthe lowest since December 12, 2020.

Essentially, the gas fee is the amount of Ethereum (Ethereum) need to transfer data on-chain, and the cost of a simple push Ethereum Cheaper than transferring ERC20 tokens and interacting with smart contracts.

Ethereum Gas Fees Hit Lowest Since 2020 for 38 Days
Statistics from bitinfocharts.com for Sunday, August 7, 2022.

While the average Ethereum network fee per transfer today is around $1.46, the stats come from Gas tracker for etherscan.io Indicates that the gas fee is between 5 and 6 qwei or between 0.21 and 0.32 USD per transfer. Gas Tracker also revealed that the cost of executing an Opensea sale could be between $0.73 and $1.10 per transaction, while the cost per transfer of a decentralized exchange (dex) swap could be between $1.88 and $2.82.

Push ERC20 tokens such as USDT Or USDC, which is estimated to cost around $0.55 to $0.83 per transfer on Sunday morning (EST).Data from bitinfocharts.com shows that the average cost on Sunday is 0.00034 Ether or $0.576 every transaction.Ethereum transfers are an important cause of destruction Ethereum This stems from Ethereum Improvement Proposal (EIP) 1559.

Opensea used to be the biggest contributor 2,573,837 Ethereum (Ethereum) has been destroyed so far. However, Ethereum transfers are now the biggest contributor to Ethereum disruption, with 232,233 Ethereum burn to this day.as EthereumThe supply growth of EIP-1559 is increasing by 5.5 million ether per year, and the deflationary burn mechanism of EIP-1559 burns about 200,000 ether per year.

Since the beginning of EIP-1559, traditional Ethereum transactions equal approximately 156,422,214 transactions and approximately 649.79 ETH have been burned in the past 24 hours Ethereum Transactions and various other types of data transfers.

L2 fees offer cheaper alternative to Ethereum transfers

As far as Layer 2 (L2) transactions are concerned, going through L2 is much cheaper than L1. At the time of writing, Loopring and Zksync offer the cheapest L2 alternatives. The Loopring fee is $0.01 per transaction, and the Zksync fee is also one cent per transaction. The cost of exchanging tokens using these L2 platforms is likely to be higher, as today’s estimated Zksync exchange fee is $0.02, but Loopring’s exchange fee is over $0.42 per transaction.

Statistics from l2fees.info for Sunday, August 7, 2022.

Optimism L2 gas costs about $0.03 per transaction, while decision one There is a fee of $0.05 per transfer. Swapping through Optimism’s platform, estimates show it could cost users $0.05, while Arbitrum swap is estimated to be around $0.08 today. L2 fees are also cheaper on August 7 for the Metis, Boba and Aztec networks and Polygon Hermez.

tags in this story

August 2022, August 7, 2022, Bitinfocharts.com, burn, data, December 2020, dex swap, ERC20 tokens, ERC20 transfer, Ethereum, ETH burn, Ether fees, ether, etherscan.io, gas, L1, L2, l2fees.info, Second floor, level one, index, on-chain, Statistical data, swap, trade, transaction fee, transfer, transfer fee

What do you think of Ethereum network fees that have remained at their lowest gas rates since December 2020? Let us know your thoughts on this topic in the comments section below.

Jamie Redman

Jamie Redman is the Head of News at Bitcoin.com News and a fintech reporter living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He is passionate about Bitcoin, open source code and decentralized applications. Since September 2015, Redman has written over 5,700 articles for Bitcoin.com News on the disruptive protocols emerging today.




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