The Record Low Gas Fees
Ethereum data costs for network transactions have been significantly lower than typical for a while. In reality, the average Ethereum network price for transfers is currently 0.00086 ether, or $1.46, which is the lowest it has been since December 12, 2020. A gas fee, which is essentially the amount of Ethereum (ETH) needed to send data onchain, is less expensive than the fees associated with sending an ERC20 token and using a smart contract.
The Gas Tracker at etherscan.io reports that gas fees range from 5 to 6 qwei per transfer, or $0.21 to $0.32, while the average Ethereum network charge today is about $1.46 per transfer. Decentralized exchange, dex swaps may cost anywhere between $1.88 and $2.82 every transfer, according to the Gas Tracker, while the price to perform an Opensea sell can range from $0.73 to $1.10 per transaction.
Result of The Ethereum Improvement Proposal
On Sunday morning, it will cost around $0.55 to $0.83 per transfer to push an ERC20 token like USDT or USDC (EST). The average charge for a transaction on Sunday was 0.00034 ether, or $0.576, according to data. Ethereum transfers account for a sizable amount of the ETH burnt as a result of Ethereum Improvement Proposal (EIP) 1559.
In the past, the 2,573,837 Ethereum (ETH) tokens that had been destroyed were primarily due to Opensea. However, Ethereum transactions are currently the leading reason for ether loss, having destroyed 232,233 ETH to far. The deflationary burn mechanism in EIP-1559 eliminates about 0.2 million ether yearly as the supply of ETH grows by 5.5 million each year. Since the start of EIP-1559, there have been over 156,422,214 conventional Ethereum transactions, and during the past 24 hours, ETH transactions and various other kinds of data transfers have destroyed about 649.79 ether.
Source: https://www.thecoinrepublic.com/2022/08/08/ethereum-gas-fees-riding-low-altitudes-from-last-since-2-years/