This week Ethereum network fees fell a lot. They dropped below $10 per transaction, a level not seen since March 10, 2022. The average ethereum transaction fee was $5.68 or 0.0027 ether on May 17. Because layer one (L1) fees are cheaper, layer two (L2) fees range between $0.02 to $1.13 per transaction.
After a brief spike last week, Ethereum’s Onchain fees dropped.
As onchain transfer fees are below $10, this week is a great time to send ether and use the Ethereum network for coin swapping. On average, ether fees are around 0.0027 Ethereum or $5.68 per transaction on May 17, 2022.
In 68 days or since March 10, L1 fees on Ethereum were not this low. These fees are lower than usual after a short spike during Terra’s blockchain carnage on May 12. On average, fees were $31.19 per transaction that day.
Both L1 and L2 median fees for L1 and L2 have fallen a lot this week due to lower average network fees. The median network fee for transacting on Ethereum at the time of writing Tuesday morning (ET) is 0.0012ether or $2.59 per transaction.
According to etherscan metrics, median fees dropped to $1.01 on Tuesday. According to etherscan metrics, an Opensea sale will cost approximately $9.72 today. A decentralized exchange (dex), swap will cost $8.86 and the transfer of an ERC20 token, $2.60.
Ethereum’s L2 fees follow drop in Onchain transfer costs
Onchain fees are generally cheaper than L2 fees, which has seen an increase in fees over the past five days, since May 12. It costs $0.02 to transfer Metis Network tokens and $0.10 to swap them.
Metis is the most expensive L2, but Loopring fees for ether transfers are $0.03 per transfer. To swap tokens via Loopring, it will cost $0.52. Zksync transfer fees are approximately $0.05 on Tuesday, and the cost of swapping a coin is $0.13 Arbitrum One is the most expensive L2 currently, with transfer fees of around $0.25 and coin swaps on Arbitrum at $0.35.
The network’s block 14,770,231, May 13, 2022, was the highest ever hashrate day. The network’s computational power reached 1.27 petahash per seconds (PH/s) on May 13, 2022, and it continues to rise.
Although Ethereum’s value lost 41.8% in the year to date, ETH has risen over 482,570% from October 20, 2015 (roughly six years ago). ETH has a market value of 18.4% of the total crypto economy’s net US value. Its market capitalization is approximately $253 billion.
