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Ethereum Transaction Fees Hit a 10-Month Low as Gas Costs per Transfer Sink Below $3

Ethereum network fees are the cheapest they have been in over ten months and around 12 p.m. (ET) on Sunday, the average ETH transfer fee slid to a low of $2.96 per transaction. As the day continued on, average ether fees have jumped a bit higher to 0.002 ether or $3.56 per transfer.

Ethereum transaction fees have not been this low in quite some time. Bitcoin.com News has been covering the fact that gas costs have been dropping since mid-February and during the first week of March, ethereum transaction fees slid to just above the $10 mark.

The last time average ETH fees dropped below $3 was on July 11, 2021, or roughly ten months ago. In fact, during a few weeks in July 2021, average gas costs using Ethereum’s layer one (L1) network were between just under $3.00 to just above $8.00 per transfer.

In addition to average ethereum fees dropping to fresh lows, median-sized gas costs have dropped a great deal this week as well. For example, on March 8, 2022, the median-sized ether fee was 0.0014 ETH or $3.73 per transfer, and today it’s 0.00086 ether or $1.56.

Furthermore, the cost of an Opensea sale is about $10.63 on the high end, and $10.26 for a lower fee. Swapping coins on a decentralized exchange (dex) platform such as Uniswap today is $9.69 on the high end, while on the low end it can cost $9.36 per transaction.

The cost to move an ERC20 token like USDT or USDC, is about $4.37 per transfer. In terms of Ethereum’s aggregate 24-hour ETH mining rewards, miners pulled in approximately $50,241,489 on Sunday, May 29. That’s around 94.7% of the fees bitcoin (BTC) miners acquired on Sunday, as bitcoin miners captured $53,035,200 in BTC mining rewards during the past 24 hours.

Layer two (L2) transfer fees to send ethereum (ETH) are also quite low on Sunday. Zksync transactions are around $0.04 to send ethereum and $0.09 to swap coins. Loopring’s ether transaction fees are the same, at $0.04 per transfer, but swapping a coin will cost $0.45 using Loopring. Using Optimism will cost $0.12 per ether transfer and leveraging Arbitrum One will cost $0.23 to move ethereum.

Boba Network’s ether transaction fees are $0.17 right now, and the cost to swap a token using Boba is $0.35. When ETH fees are low, it’s a good time to transact if there’s a need to move ethereum or an ERC20, swap tokens, or conduct a sale on a non-fungible token (NFT) marketplace.

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