Finally, Transaction Fees On The Ethereum Network Drop, You Can Swap ERC-20 Coins Cheaply!

Ethereum transaction fees have dropped drastically. (Pixabay)

JAKARTA – The Ethereum blockchain is known for its high transaction fees (gas fees) in its network. This causes crypto users to switch to the Binance Smart Chain (BSC) network which has much cheaper transaction fees than Ethereum. However, now the Ethereum gas fee is considered to have decreased drastically from before.

According to a report from Bitcoin.com News, transaction fees on the Ethereum network have been significantly cheaper since February 27th. This is because the average transaction fee has decreased to 0.0039 ETH or around 10.26 US dollars per transfer. The last time Ethereum network fees were this low was six months ago, at the end of August 2021.

Currently, at an average fee of 10.26 US dollars per transfer, that is 80.26 percent cheaper than transferring ETH on January 10, 2022. When it ended a month ago, the average transaction fee was 52 US dollars per transaction. 

Ethereum fees have dropped drastically since that day which was followed by a halving of gas fees. While the average gas fee is 29 dollars in Ether since 48 days ago to be precise on January 10, 2022. Today it is 84.31 percent lower at 0.0017 ETH or 4.55 US dollars per transfer.

Transactions using the second layer (L2) are also cheaper than on-chain transactions because gas fees have decreased. Currently, the lowest L2 cost to send Ethereum is to use the Loopring network for 0.13 US dollars per transfer. To exchange or swap tokens with Loopring, there is only a gas fee of USD 0.66 per swap at the time of writing.

Transaction fees that decreased in the second tier apart from Loopring were Zksync (0.16 US dollars), Polygon Hermez (0.25 US dollars), Arbitrum (0.56 US dollars), Boba Network (0.99 US dollars), Optimism (1.24 US dollars), and Aztecs (4.23 US dollars) to push Ethereum (ETH) transactions through L2.

The fee for exchanging tokens via the L2 platform is US$0.39 per swap using Zksync, 0.78 US dollars using Arbitrum, 1.66 US dollars via Boba, and 1.83 US dollars if using Optimism network.

On-chain fees on the Bitcoin (BTC) network are also lower to 0.000000086 BTC per byte on February 27, 2022, which is equivalent to 0.000032 BTC or 1.20 US dollars per transaction. Additionally, the average bitcoin fee on Sunday is around 0.0000078 BTC or 0.29 US dollars per transaction as reported by VOI from Bitcoin.com News.