Thursday, July 25, 2024

Ethereum Network Fees Continue to Decline – Transfer Fees Reach 6-Month Low.

Unlike a few months ago, it is much cheaper to send ETH to anyone or to pay for a purchase. The reason for this is that gas prices to push transactions is 80% cheaper compared to January 10th. On that particular day, users had to pay $52 in fees to use the ETH network. 48 days later, the transaction fee has dropped to $10.26 for a transfer. Layer two transaction fees are also lower and have dropped quite a bit in the last week.

The last time that users had to pay really low network fees for ETH was in August 2021. The $10.26 transfer fee is 80% cheaper now than in January 2022. ETH fees have been dropping since January 10th and median gas fees have also followed this trend. This fee will set users back $4.55 per transfer.

All of this is good news for investors. L2 transactions now cost less due to a drop in gas fees. The lowest L2 fee currently is $0.13 per transfer to send ETH using Loopring. If you want to swap tokens using Loopring, you will pay $0.66 per swap. Besides Loopring, other platforms offering low fees for transfers or swaps are Zksync, Polygon, Boba Network, and others.

On chain fees to use BTC are also much lower at .000000086 in BTC for a byte. This figure was valid on February 22nd, 2022 and converts to $.120 per transaction. All of this is good news for investors as they can save money.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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