9 months ago
Date: 17 May 2022 - 16:30

Ethereum network fees have dropped a great deal this week sliding under 10 per transaction to levels not seen since March 10 2022. On May 17 the average ethereum transfer fee is 0.0027 ether or 5.68 per transaction. The cheaper fees on layer one L1 have made it so layer two L2 fees have been between 0.02 and 1.13 per transfer.13Ethereums Onchain Fees Slide Lower Following a Brief Spike Last Week13This week is an optimal time to send ether or use the Ethereum network to swap coins as onchain transfer fees have dropped below the 10 mark. In fact ether fees on average on May 17 2022 are roughly around 0.0027 ether or 5.68 per transaction. 13131313L1 fees on Ethereum have not been this low in 68 days or since March 10. The lower fees follow a brief spike that took place during the Terra blockchain carnage on May 12 as fees were 31.19 per transfer on average that day. 13131313With average network fees down this week both median fees using L1 and L2 have dropped a great deal as well. At the time of writing on Tuesday morning ET the median network fee to transact on Ethereum is 0.0012 ether or 2.59 per transfer. 13131313Median fees have dropped as low as 1.01 according to etherscan metrics on Tuesday. Etherscan data indicates that an Opensea sale could cost around 9.72 today a decentralized exchange dex swap will cost 8.86 and transferring an ERC20 token will cost 2.60.131313Ethereums L2 Fees Follow Drop in Onchain Transfer Costs13As usual because onchain fees are cheaper L2 fees have also seen a significant drop over the last five days since May 12. For instance it costs roughly 0.02 per transfer using the Metis Network and roughly 0.10 to swap tokens. 1313While Metis is the cheapest L2 Loopring transfer fees are only 0.03 per ether transfer and swapping tokens via Loopring will cost around 0.52. Zksync transfers are around 0.05 on Tuesday and swapping a coin will cost 0.13. The most expensive L2 today is Arbitrum One as transfer fees are around 0.25 and a coin swap on Arbitrum is around 0.35. 1313The lower ether fees follow the networks alltime hashrate high on May 13 2022 at block 14770231. The networks computational power hit 1.27 petahash per second PHs that day and continues to ride high. 1313Ethereums value has lost 41.8 yeartodate but ETH is still up over 482570 since October 20 2015 or roughly six years ago. ETHs market valuation is 18.4 of the entire crypto economys net USD value with a market capitalization of around 253 billion.1313What do you think about Ethereum network fees sliding to new lows not seen in over two months Let us know what you think about this subject in the comments section below.

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