Weekly fees on Ethereum have continued to decline and are now at their lowest level in seven months. On Tuesday, March 8, the average Ethereum gas fee for layer one (L1) transactions is 0.0042 ether, or $10.89 per transaction. Simultaneously, median-sized gas taxes have fallen significantly, reaching levels not seen since August last year.
L1 Ethereum Transaction Fees Decrease — Median-Sized L2 Transaction Fees Follow
While L1 ethereum (ETH) gas fees remain far above $1 per transaction, ether transaction fees continue to decline from their January highs. It’s probable that there was less on-chain activity and that ETH fees were reduced as a result of the increased use of L2 protocols such as Optimism, Arbitrum, and Polygon.
At the time of writing, the average cost of gas for Ethereum transactions is 0.0042 ETH, or $10.89 per transaction. On August 4, 2021, the last time average gas costs on Ethereum were this low was seven months ago. Similarly, median-sized ether fees are minimal, having not been this low since August 1, 2021.
On March 8, 2022, the average charge for a transaction on the Ethereum network is 0.0042 ETH, or $10.89 per transfer. On August 4, 2021, the last time average ether fees were this low was.
On the Ethereum blockchain, the median gas fee is currently 0.0014 ETH or $3.73 per transaction. Both the average and median gas fees are significantly lower than they were on January 10, 2022. The average gas charge for transferring ethereum (ETH) that day was $52 per transaction. Since August 2020, the average ETH fee has not been less than $1 per transfer, while the median fee increased to over $1 that same month, 19 months ago.
While the median ether charge of $3.73 per transfer is low, ethereum (ETH) customers seeking lower fees are forced to use layer two (L2) protocols. Indeed, L2 customers will pay less than $1 for the majority of L2 protocols currently available.
At the time of writing, the cheapest L2 transaction price is $0.06 per transfer when utilising Loopring. Additionally, the fee for exchanging tokens via Loopring is $0.64 per transaction. Loopring is followed by Zksync ($0.09), Polygon Hermez ($0.25), Optimism ($0.38), Arbitrum ($0.44), Boba ($0.58), and Aztec ($1.50) in terms of ETH transfer rate.
While swapping tokens using Loopring costs $0.64 every transaction, it costs only $0.22 per swap when using the L2 protocol Zksync.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.