Ethereum Transaction Fees Hit 10-Month Low as Gas Costs Below $3 Per Transfer – Altcoin Bitcoin News

The average fee on the ethereum network has dropped to its lowest level in more than a decade after fees per transaction fell to a low of $2.96 on Sunday afternoon (ET). The last time Ethereum transfer fees fell below the $3 mark was last year on July 11, 2021. Additionally, the median fee is even cheaper, as the median Ethereum transaction fee on May 29 was around 0.00086 ETH or $1.56 per transfer.

Ethereum gas costs drop to lowest level since July 2021

Ethereum network fees are the cheapest in more than a decade, around 12 p.m. ET on Sunday, the average Ethereum Transfer fees drop to low $2.96 per transaction. Over time, the average ether fee has risen to 0.002 ether or $3.56 per transfer.

Ethereum transaction fees haven’t been this low in a while. News has been reporting the fact that natural gas costs are falling decline Ethereum transaction fees slide since mid-February and first week of March Just above the $10 mark.

last average Ethereum The drop in fees below $3 was on July 11, 2021, or about ten months ago. In fact, for several weeks in July 2021, the average gas cost of using Ethereum’s Layer 1 (L1) network will range from just under $3.00 to just over $8.00 per transfer.

In addition to the average ethereum fee dropping to a new low, mid-sized gas costs also dropped significantly this week. For example, on March 8, 2022, the mid-sized ether fee was 0.0014 Ethereum or $3.73 per transfer, today is 0.00086 Ether or $1.56.

Also, Opensea’s high-end cost of sale is about $10.63, while the lower cost is $10.26. The high-end price of exchanging coins on a decentralized exchange (dex) platform like Uniswap today is $9.69, while on the low-end it costs $9.36 per transaction.

Cost of moving ERC20 tokens USDT or USD/USD, which is approximately $4.37 per transfer.Calculated in total 24 hours in Ethereum Ethereum Mining rewards, miners earned around $50,241,489 on Sunday, May 29th. This is about 94.7% of Bitcoin fees (bitcoin) miners bought on Sunday as bitcoin miners hit $53,035,200 bitcoin Mining rewards in the past 24 hours.

Tier 2 (L2) transfer fees send Ethereum (ETH) Sunday was also low. Synchronize The transaction fee for sending Ethereum is about $0.04, and the fee for exchanging coins is about $0.09. LoopringEthereum transaction fees are the same at $0.04 per transfer, but using Loopring to exchange coins will cost $0.45.use optimism Each ether transfer and utilization will cost $0.12 Arbiter One Moving Ethereum will cost $0.23.

Boba NetworkThe Ethereum transaction fee is now $0.17, and the cost of exchanging tokens with Boba is $0.35.when Ethereum Fees are low, and if you need to move Ethereum or ERC20, swap tokens, or make a sale on the non-fungible token (NFT) market, now is a great time to trade.

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What do you think of Ethereum network fees falling to their lowest point since last summer? Let us know what you think about this topic in the comments section below.

Jamie Redman

Jamie Redman is the Head of News at 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 5,000 articles for News on the disruptive protocols emerging today.

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