Ethereum Gas Costs Sink to Lowest Levels Since July 2021

Ethereum Gas Costs Sink to Lowest Levels Since July 2021

The average ethereum network fee has dropped to the lowest value recorded in over ten months after the fees hit a low of $2.96 per transaction on Sunday afternoon (ET). The last time Ethereum transfer fees dropped below the $3 mark was on July 11, 2021. The median fees are even cheaper, as the median-sized Ethereum transaction fee on May 29 hovered around 0.00086 ether or $1.56 per transfer.

Gas Costs per Transfer Sinks Below $3 

Ethereum network fees were the cheapest in over ten months around midday (ET) on Sunday. The average ETH transfer fee slid to a low of $2.96 per transaction. However, the average ether fees later in the day improved to 0.002 ether or $3.56 per transfer.

Ethereum’s transaction fees have not fallen to this level for quite some time. Gas costs have been dropping since mid-February and during the first week of March, Ethereum transaction fees slid to just above the $10 mark.

The last time average ETH fees dropped below $3 was on July 11, 2021, or roughly ten months ago. In fact, during a few weeks in July 2021, average gas costs using Ethereum’s layer one (L1) network were between $3.00 to above $8.00 per transfer.

In addition to average Ethereum fees dropping to fresh lows, median-sized gas costs have dropped to new lows this week as well. On March 8, 2022, the median-sized ether fee was 0.0014 ETH or $3.73 per transfer, and today it's 0.00086 ether or $1.56.

Moreover, the cost of an Open sea sale is about $10.63 on the high end and $10.26 for a lower fee. Swapping coins on a decentralized exchange (dex) platform such as Uniswap today is $9.69 on the high end, while on the low end it can cost $9.36 per transaction.

The cost to move an ERC20 token like USDT or USDC is about $4.37 per transfer. In terms of Ethereum’s aggregate 24-hour ETH mining rewards, miners pulled in approximately $50,241,489 on Sunday, May 29. That’s around 94.7% of the fees bitcoin (BTC) miners acquired on Sunday, as bitcoin miners captured $53,035,200 in BTC mining rewards during the past 24 hours.

Layer two (L2) transfer fees to send Ethereum (ETH) have hit new lows too. Zksync transactions are around $0.04 to send Ethereum and $0.09 to swap coins. Loopring’s ether transaction fees are the same, at $0.04 per transfer, but swapping a coin will cost $0.45 using Loopring. Using Optimism will cost $0.12 per ether transfer and leveraging Arbitrum One will cost $0.23 to move Ethereum.

Boba Network’s ether transaction fees are $0.17, and the cost to swap a token using Boba is $0.35. When ETH fees are low, it’s a good time to transact if there’s a need to move Ethereum or an ERC20, swap tokens, or conduct a sale on a non-fungible token (NFT) marketplace.