Ethereum Transfer Costs Continue to Slide — Network Fees Tap a 19-Month Low – Altcoins Bitcoin News

On Saturday, Ethereum’s transaction fees are at an unprecedented level since November 2020 as the average network fee dropped to 0.0016 Ether or $ 1.67 per transfer. As of May 11, 2022, Ethereum gas charges have been steadily declining, with Saturday’s average payments down to 32 gwei or $ 0.69 per transfer.

Ethereum payments will go down to the lowest range from November 2020

Ethereum Average gas charges A.D. Low on July 2, 2022, not seen in 19 months or November 12, 2020. Basically, the gas or network charge is the amount of ETH required to push a transaction on a blockchain network.

Like the Bitcoin (BTC) network, ETH gas payments compensate for the network’s mining participants’ transfers. In the early days, ETH transfers were negligible and from August 2015 to July 2016The average gas bill per ETH was less than a US cent.

Between July 2016 As of May 2017, Ethereum network charges ranged from $ 0.01 to $ 0.10. Ethereum payments are currently slightly more expensive and on May 12, 2021, the average payment reached $ 69 per transaction.

Between August 2021 and February 2022, payments did not fall below $ 20 per transfer. During that time, payments sometimes increased by $ 30, $ 40, and $ 50 per transaction depending on the day. On May 1, 2022, the average network fee jumped $ 196 per transferThanks for the popular NFT sale that day.

The above charges only apply to ether and the Openea contract, decentralized swap or ERC20 transfer may cost more.

Medium-sized payments touch $ 0.69 per transaction, L2 payments slide

On July 2, 2022, the average price reached 0.0016 Ether or $ 1.67 per transfer. The last charges on the Ethereum network were low In mid-November 2020. A.D. On November 12, 2020, the average ETH fee was 0.0034 Ether per transfer, or $ 1.55.

Ethereum Transfer Costs Continue to Slip - Network Charges Touch 19-Month Minimum
Average Ethereum Payments at bitinfocharts.com July 2, 2022.

Moreover, on Saturday, the web portal etherscan.ioGas tracking shows the highest Ethereum network charges as low as 32 gwei, or $ 0.69. According to Eterscan.com, Openea will cost $ 5.05 per transaction, $ 6.10 per unit in Uniswap, and $ 1.79 per transaction for ERC20.

Bitinfocharts.com metrics indicate that the average transaction fee is 0.00065 Ether or $ 0.695 per transaction. Ethereum’s average and medium-sized network fees are much lower than in 596 days, so L2 transaction fees are also less expensive.

According to L2fees.info, Loopring transaction costs less than one US cent, Zksync transfers for $ 0.01, and Metis Network charges 0.01 for sending. Bright Hope costs $ 0.03 on Saturday, Boba Network is around $ 0.06, and arbitrary fees are $ 0.10 per transaction. Polygon Hermes costs $ 0.25 per transfer and Aztec Network charges $ 0.35 this weekend for trade.

Tags in this story

Arbitrum, boba network, ERC20, ERC20 Transfer, ETH, ETH Mines, Ether, Ether Mines, Ethereum (ETH), Charges, Gas Costs, Gas Charges, Gway, High Payment, L2, Layer Two, Loopring, Metis Network, Network costs, network payments, Openea sales, optimism, smart contracts, transaction fees, transactions, UNICEF business, USDT, Zksync

What do you think about the low Ethernet network transfer fees on July 2, 2022? Let us know what you think about this in the comments section below.

Jamie Redman

Jamie Redman is a news editor at Bitcoin.com and a Financial Tech journalist based in Florida. Redman has been an active member of the cryptocurrency community since 2011. He loves Bit Coin, open source code and decentralized apps. Since September 2015, Redman has written more than 5,700 articles for Bitcoin.com news about the disruptive protocols that are emerging today.




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