Gas Fees Decrease to Lowest Since Last July

Ethereum gas fees are at the lowest in about ten months. Beginning on Sunday, the average transaction cost for ETH slid under $2.96 a transaction. As Monday came in, the fees increased to 0.002ETH, about $3.56 a transaction.

The fees attached to Ethereum transactions haven’t been this low in a long time. Bitcoin.com has been following the drop in gas fees since the middle of February. At the beginning of March, the gas fees dropped and were slightly above $10.

The last time a trend like this occurred was on 11th July 2021. That was just some ten months ago. The cost of transactions before then was between $3 and $8 a transaction.

Gas fees of Ethereum’s Layer One before 11th July didn’t go below $3. Median-sized gas fees have also fallen this week in addition to average fees. 

On 8th March, the median-sized gas fees on Ethereum were 0.0014ETH or $3.73 a transaction. As of Monday, the fees are at 0.00086ETH of $1.56.

NFT Platforms Cheaper Rates

More so, the charges on transacting on Opensea stand around $10.63 at most. The same stands at $10.26 at the minimum. Exchanging coins on decentralized exchanges like Unisap costs $9.69 tops and $9.36 minimum.

The cost of moving one ERC20 asset like USDT or USDC is close to $4.37. With regards to Ethereum’s 24-hour mining compensations, miners got in about $50,241,489 on Sunday. 

The Ethereum figure is about 94.7% of what Bitcoin miners got in fess on Sunday. Bitcoin miners got up to $53,035,200 in Bitcoin mining compensations in 24 hours.

The cost of sending Ethereum on Layer Two was equally relatively low on Sunday. Transactions on Zksync cost about $0.04 to send Ethereum and some $0.09 to exchange coins. The costs are the same on Loopring except for the exchange cost being $0.45.  

On Optimum, the cost of transferring ETH is $0.12. Whereas, using Arbitrum One would cost $0.23.

On Boba Network, the cost of transferring Ethereum is $0.17, and exchanging costs $0.35. The period of low gas fees is the best time to transact deals. Traders move Ethereum, swap assets, and sell/buy NFTs en masse.