June 27, 2022

Ethereum Gas Fees Dip Below $3 in Ten-Month Low

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. 

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