As Gas Prices Per Transaction Fall Below $3 Ethereum Transaction Fees Have Dropped To A 10 Month Low

Sending ethereum with Zksync costs $0.04, while swapping coins costs $0.09. Loopring’s ether exchange costs are equivalent to Loopring’s, at $0.04 per move, but trading a coin with Loopring will impair you $0.45. It will cost $0.12 per ether transfer to use Optimism, and $0.23 to use Arbitrum One to move ethereum.

Boba Network’s ether exchange expenses are right now $0.17, and trading a token with Boba costs $0.35. It’s an excellent time to transact if you need to move ethereum or an ERC20 token, swap tokens, or sell on a non-fungible token (NFT) marketplace when ETH fees are cheap.

An ERC20 token, such as USDT or USDC, costs around $4.37 each transfer. On Sunday, May 29, excavators procured a sum of $50,241,489 in Ethereum mining prizes more than a 24-hour time frame. That is around 94.7 percent of the charges bitcoin (BTC) excavators acquired on Sunday, with $53,035,200 in BTC mining motivations gathered in the past 24 hours.

After hitting a low of $2.96 per transaction on Sunday afternoon, the average Ethereum network cost has dropped to its lowest level in over ten months (ET). Last year, on July 11, 2021, ethereum transfer fees fell below $3 for the first time. Furthermore, median prices are considerably lower: on May 29, the median ethereum transaction fee was roughly 0.00086 ether, or $1.56 per transfer.

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The Price Of Ethereum Gas Has Dropped To Its Lowest Point Since July 2021

Ethereum network fees have dropped to their lowest level in over ten months, with the average ETH transfer fee falling to $2.96 per transaction around 12 p.m. (ET) on Sunday. As the day advanced, the normal ether charge expanded to 0.002 ether, or $3.56 per move.

Exchange expenses on Ethereum haven’t been this modest in quite a while. Since mid-February, Bitcoin.com News has reported on the fact that gas prices have been falling, with ethereum transaction fees reducing to slightly around $10 in the first week of March. On July 11, 2021, or almost ten months prior, normal ETH costs fell underneath $3 interestingly. As a matter of fact, regular gas rates on Ethereum’s layer one (L1) network went from just shy of $3.00 to simply more than $8.00 per move during half a month in July 2021.

In addition to average ethereum fees falling to new lows this week, median-sized gas expenses have also reduced significantly. The middle estimated ether cost was 0.0014 ETH or $3.73 per move on March 8, 2022, and it is presently 0.00086 ETH or $1.56. Furthermore, the high end of an Opensea sale costs $10.63, while the low end costs $10.26. On the high end, swapping currencies on a decentralized exchange (dex) platform like Uniswap costs $9.69, while on the low end, it can cost $9.36.

An ERC20 token, such as USDT or USDC, costs around $4.37 each transfer. On Sunday, May 29, excavators procured a sum of $50,241,489 in Ethereum mining prizes more than a 24-hour time frame. That is around 94.7 percent of the charges bitcoin (BTC) excavators acquired on Sunday, with $53,035,200 in BTC mining motivations gathered in the past 24 hours.

Excellent Time To Transact If You Need To Move Ethereum Or An ERC20 Token

On Sunday, layer two (L2) transfer fees for sending ethereum (ETH) are also quite low. Sending ethereum with Zksync costs $0.04, while swapping coins costs $0.09. Loopring’s ether exchange costs are equivalent to Loopring’s, at $0.04 per move, but trading a coin with Loopring will impair you $0.45. will cost $0.12 per ether transfer to use Optimism, and $0.23 to use Arbitrum One to move ethereum.

Boba Network’s ether exchange expenses are right now $0.17, and trading a token with Boba costs $0.35. It’s an excellent time to transact if you need to move ethereum or an ERC20 token, swap tokens, or sell on a non-fungible token (NFT) marketplace when ETH fees are cheap.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing