Ethereum at its lowest:71% than average transactions fees

• According to figures from February 13, 2022, the average transaction fee on the Ethereum network has decreased to its lowest level in four months.

• Today’s fees are 71.15 percent cheaper than the average transaction charge of $52.46 reported on January 10, 2022.

• The last time gas fees on ETH were this low was in mid-September 2021, when average prices were around $15.13 per transfer.

Ethereum fees are decreasing

Transacting on Ethereum presently costs less than it did in mid-January 2022 when the average transaction fee on Ethereum was roughly $52.46 per transfer.

Today’s fees are 71.15 percent cheaper than the average transaction charge of $52.46 reported on January 10, 2022. The average gas charge on the Ethereum network today is still 552 percent higher than the average transaction fee on the Bitcoin (BTC) network, which is currently $2.30 per onchain transfer.

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According to current statistics, ETH will cost 0.0052 ETH or $15.13 per transaction. The median-sized transfer charge on ETH is considerably lower, with bitinfocharts.com measurements indicating that the median-sized gas fee today is 0.0023 ETH or $6.67 per transfer.

The last time Ethereum fees were this low was in mid-September 2021, four months ago. During that period, the average Ethereum transaction charge was moreover $15 per transaction.

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Burned ETH is worth $6.6 billion

The introduction of the Ethereum Improvement Proposal (EIP)-1559 has made the crypto asset deflationary since the Ethereum London upgrade on August 5, 2021. Since that day in August, about 2 million ETH has been torched, totaling 1,828,701 ETH.

On l2fees.info, five of the six L2 platforms are currently less than a dollar. It will cost $0.19 per transaction to move ETH using Zksync, and $0.20 per transaction to use Loopring.

The amount of ETH burned is worth $6.6 billion in US dollars. Naturally, because on-chain Ethereum network transfers are less expensive, layer-two (L2) network costs are also less expensive.

Currently, Polygon Hermez charges $0.25 to push ETH, Arbitrum One charges roughly $0.80, and Optimism charges $0.83 for every ETH transfer. Users will have to pay extra gas to swap tokens on these networks. On Sunday, Zksync is the cheapest L2 way to trade tokens, costing $0.45 per blockchain transaction.