According to statistics, Ethereum network transaction fees have dropped 35% from the transfer fees recorded seven days ago. At the time of writing, the average fee to transact with ethereum is 0.0099 ether or $30.85 to $33.04 per transfer. The cheapest Layer two (L2) method to transfer ether on Wednesday is $0.25 per transaction using Polygon Hermez.
It’s Cheaper to Move Ethereum Today, Network Still Has Higher Transfer Fees Than Most Blockchain Networks
While data transfer fees on the Ethereum network have slid 35% in the past week, fees are still considerably higher than most smart contract networks. Seven days ago, ETH fees were $51.24 per transfer and today, metrics indicate it costs $30.85 to $33.04 in gas per transfer. The fee data only accounts for moving ethereum (ETH) as it costs more to interact with a smart contract to move an ERC20 or swap tokens.
The average fee to move ethereum (ETH) on January 19, 2022, is $30.85 per transaction, according to stats from bitinfocharts.com.
The average transaction fees on the Ethereum network are some of the highest fees paid to miners. Median-sized transaction fees recorded on Wednesday are lower and l2fees.info indicates the median fee is around $6.82 per transfer.
The median-sized fee to move ethereum (ETH) on January 19, 2022, is $14.78 per transaction, according to stats from bitinfocharts.com.
While stats from bitinfocharts.com show the median gas fee is 0.0047 ether or $14.78 per transfer. Metrics recording the median-sized ethereum gas fee on January 10, 2022, showed the fee was once $29 per transfer.
Ethereum Miner Rewards 14% Higher Than Bitcoin’s Daily Rewards, Polygon Hermez the Cheapest L2 Method to Move Ether Today
Data indicates that while Ethereum network fees have been cheaper, the blockchain still rakes in more fees per day. Metrics show on January 19, the Bitcoin network saw $76.3 million in miner rewards during the last 24 hours, while Ethereum captured $87.1 billion in miner rewards.
Ethereum’s mining rewards outpace Bitcoin’s mining rewards by 14.1% on January 19, 2022, according to the “Flippening Watch” metrics on buybitcoinworldwide.com.
At the time of writing, the current average fee to move bitcoin (BTC) is around 0.0000001 per byte or 0.000035 BTC or $1.50 per transfer. BTC’s median-sized network fee is lower at 0.0000078 BTC or $0.328 per transaction on Wednesday.
Fee metrics to transfer ether via a L2 solution on Wednesday, January 19, 2022, according to l2fees.info data.
L2fees.info indicates the cost to move an Ethereum-based token on Wednesday is $15.60 per transaction and to swap a token can cost $34.11 per transaction. The cheapest method of transferring ETH via an L2 solution, is by leveraging Polygon Hermez at $0.25 per transfer, according to l2fees.info data. The Polygon Hermez transfer fees are followed by Zsync ($0.30), Loopring ($0.32), Optimism ($1.42), Arbitrum ($2.14), and Boba Network ($2.38).
Tags in this story
35% Lower, Average Fee, Bitcoin, Bitcoin Fees, Bitinfocharts.com, BTC fees, buybitcoinworldwide.com, data, ETH, ETH fees, ETH Gas Fees, ether, Ether fees, Ethereum, Ethereum (ETH), Fees, Flippening Watch, L2 fees, l2fees.info, Median Fee, Median Fees, metrics, Miner Fees, Miner rewards, Network Fee, Onchain data, Statistics, Transfer Fees
What do you think about the current fee rate to move ethereum on Wednesday? Let us know what you think about this subject in the comments section below.
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
More Popular NewsIn Case You Missed ItNear Foundation Raises $150 Million to Bolster Web3 AdoptionOn Thursday, the Near Foundation announced the project has raised $150 million from strategic investors such as Three-Arrows Capital, a16z, Mechanism Capital, Dragonfly Capital, and Circle Ventures. Following the announcement, the Near protocol’s native crypto asset jumped more than 7% ... read more.
The post Bitcoin (BTC) And Ethereum (ETH) Price To Hit This Level By The End Of This Year ! ￼ appeared first on Coinpedia - Fintech & Cryptocurreny News Media| Crypto Guide
Bitcoin (BTC) may have fallen short of the $40,000 mark, but this week’s advances have aided in the formation of a more meaningful breakout for underlying price strength. Over the previous day, the worldwide crypto market cap increased by more than 1%. Many people are thinking that another ‘crypto winter’ is on the way due …
PRESS RELEASE. Gaming is quickly becoming less about games and more about people. As people seek out engaging experiences online, the social element within games is increasingly the main attraction and a key selling point. The popularity of MMOs like WoW, Everquest, or Second Life can partly be attributed to the social factor. Market observers […]