More than a month ago (November 9th), transaction costs on the Ethereum network were very high, up to $ 62.84 per transaction, not to mention ERC-20 token moves, token swaps, or similar collaborations with Smart contracts. Currently, the metrics show that the average fee on the Ethereum network is $ 22.8 (0.0056 ether), a decrease of 62.85%.
The average fee level is also 62% lower than the metrics recorded on November 9th for average Ethereum fees. The data transfer charges are even lower when you factor in the average charges reported by statistics from l2fees.info. Yesterday (December 25th) the transaction fee on Ethereum was $ 6.78 per transaction, but moving the token would cost $ 15.49 per transfer.
Layer 2 networks are still cheaper
Currently, the token swap costs users $ 33.89 per transaction. Of course, Layer-2 (L2) transfer fees are much lower, and the provider with the lowest fees today is Loopring at $ 0.16. This is followed by Polygon Hermez ($ 0.25), Zksync ($ 0.33), Arbitrum One ($ 1.87), and Optimism ($ 2.00). To exchange tokens or interact with Ethereum-based smart contracts, it costs Zksync users $ 0.81, Loopring costs $ 1.02, Optimism $ 2.82, and Arbitrum $ 3.22 per transfer.
In addition to the increasingly cheaper Ethereum network fees, Bitcoin network fees are now much lower too. In fact, bitcoin fees have averaged between $ 1.5 and $ 5 per transaction since the end of July, according to Bitinfocharts.com data. On Saturday (December 25th), the average bitcoin fee was 0.000046 BTC, about $ 2.36 per transaction or 0.0000001 BTC per byte. The network hit a hefty fee of $ 62.77 on April 21, 2021, suggesting that the current fee is already 96.24% cheaper than the high on that day.
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