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Transaction Costs On The Ethereum Network Were Reduced By More Than Half

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On November 9, 2021, transaction costs on the Ethereum network were reduced by more than half from the previous day. The average charge to move ethereum at the time was $62.84 per transfer, but fees have since reduced 62.85% to $23.34 each transaction.

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It was much more expensive just over a month ago to transfer ethereum (ETH) onchain, let alone move an ERC20 token, swap tokens, or interact with a smart contract. On December 25, data show that the average fee paid on the Ethereum network is $22.80 per transaction, or 0.0056 ether.

It was $23.34 per transaction the day before, which is 62.85% less than the fees recorded on November 9. A 62 percent reduction in data transfer costs is significant, and the median ether fee is considerably lower. According to bitinfocharts.com, the median ether charge on November 9 was $34.28 per transaction, while the fee today is 0.0032 ETH or $12.99.

The drop in median fee size was also more than 62 percent lower than the metrics observed for median ether fees 46 days ago. Data transfer fees are even lower when compared to the median-sized fee recorded by l2fees.info statistics. On Saturday, the transaction price for ethereum is $6.78 each transaction, but moving a token costs $15.49 per transfer.

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According to today’s l2fees.info statistics, swapping a token will cost the user $33.89 per transaction. Of course, layer two (L2) transfer prices are substantially lower, with Loopring now offering the lowest fee rate of $0.16 per ether transfer. Polygon Hermez ($0.25), Zksync ($0.33), Arbitrum One ($1.87), and Optimism ($2.00) follow Loopring. A Zksync user will pay $0.81, a Loopring user $1.02, an Optimism user $2.82, and an Arbitrum user $3.22 per transfer to swap a token or interact with an Ethereum-based smart contract.

In addition to Ethereum network fees decreasing, Bitcoin (BTC) network fees are decreasing as well. According to bitinfocharts.com data, BTC costs have been averaging from $1.50 to $5.00 per transaction since the end of July. The average bitcoin (BTC) cost for Saturday, December 25, 2021 is 0.000046 BTC, which is around $2.36 per transaction or 0.0000001 BTC per byte. BTC fees did reach a high of $62.77 on April 21, 2021, indicating that fees are 96.24 percent lower than the day’s high