After fees fell to $2.96 per transaction Sunday afternoon (ET), the average Ethereum network fee dropped to its lowest level in more than ten months. Last year, July 11, 2021 was the last time that ethereum transfer fees fell below $3. The median fee for ethereum transactions is even lower at 0.00086 ether, or $1.56 per transfer.
Ethereum Gas Prices Sink to the Lowest Levels since July 2021
The Ethereum network fees have dropped to $2.96 per transaction, making them the lowest in over ten years. The average ether fee rose slightly to 0.002ether, or $3.56 per transaction as the day progressed.
In recent years, Ethereum’s transaction charges have been at an all-time low. Bitcoin.com News reported that gas prices have been falling since February and that ethereum transaction charges dropped to just over the $10 mark during March.
The last time that average and ETH fees fell below $3 was July 11, 2021. This is roughly ten years ago. In fact, gas costs for Ethereum’s layer 1 (L1) network ranged from just below $3.00 to just over $8.00 per transfer during the few weeks of July 2021.
The median-sized gas prices have also dropped significantly this week, in addition to the average ethereum fee dropping to new lows. On March 8, 2022 the median-sized fee for ether was 0.0014 ETH, or $3.73 per transaction. Today it is 0.00086 or $1.56.
Opensea sales cost about $10.63 at the high end and $10.26 at the low end. Today, the cost of swapping coins on a decentralized Exchange (dex) platform like Uniswap is $9.69 at the high end and $9.36 at the low end.
It costs $4.37 to transfer an ERC20 token such as USDT and USC. On Sunday, May 29, miners earned approximately $50,241,489 in Ethereum’s aggregate 24-hour Ethereum mining rewards. This is a little over 94.7% of all the fees that bitcoin ( BTC ) miners earned on Sunday. Bitcoin miners also took home $53,035,200 worth of BTC mining reward during the last 24 hours.
Layer two (L2) fees to send Ethereum (ETH) are very low on Sunday. Zksync transactions cost $0.04 to send Ethereum and $0.09 for swapping coins. Loopring has the same ether transaction fees at $0.04 per transfer. However, swapping a coin using Loopring will cost $0.45. To move ethereum, Optimism costs $0.12 per transfer. Leveraging Arbitrum 1 costs $0.23.
Boba Network currently charges $0.17 for ether transactions. The cost to swap a token with Boba is $0.35. It’s a great time to transact ETH transactions if you need to move ERC20 or ethereum, swap tokens or sell on a non-fungible token marketplace (NFT).