On February 27, transacting with the Ethereum (ETH) network was a lot cheaper, as average size costs dropped to 0.0039 ETH. The last time Ethereum network fees were this low was in late August 2021, which was six months ago.
What’s bringing the gas fee down on Ethereum?
The recent market crash had a lot of users not being active on the network. This may have loosened up the congestion, leading to the lowered gas fee on the ETH network.
Gas prices to push a transaction are more than 80% less expensive than it was 48 days ago on January 10. Ethereum network fees were roughly $52 per transaction back then, and the average transaction fee today is $10.26. Layer two (L2) transactions have dropped dramatically in the last seven days, while on-chain fees have decreased.
Since January 10th, 2022, Ethereum fees have been falling, and median-sized gas fees have followed suit. The median-sized gas fee was $29 in ether 48 days ago on January 10, but it’s now at 0.0017 ETH, or $4.55 each transfer, down 84.31 percent.
Since gas fees have decreased, L2 transactions are also less expensive than on-chain transactions. Currently, the cheapest L2 price to transmit ethereum is $0.13 per transfer when using Loopring. At the time of writing, the gas fees for swapping tokens with Loopring cost $0.66 for every swap.
In order to push an Ethereum (ETH) transaction via L2, Loopring is followed by Zksync ($0.16), Polygon Hermez ($0.25), Arbitrum ($0.56), Boba Network ($0.99), Optimism ($1.24), and Aztec ($4.23), according to L2fees.
In regards to swapping tokens through these L2 platforms, Zksync costs $0.39, Arbitrum costs $0.78, Boba costs $1.66, and Optimism costs $1.83.
On the Bitcoin (BTC) network, on-chain costs are similarly lower, at 0.000000086 BTC per byte on February 27, 2022, equating to 0.000032 BTC or $1.20 per transaction. Furthermore, on Sunday, the typical bitcoin charge was at 0.0000078 BTC or $0.29 per transaction.