With just over two weeks until The Merge, Ethereum network fees have reduced significantly as the average ethereum transfer fee has dropped to 0.00092 ether or $1.37 per transaction on August 28. Median-sized fees have slid to 0.00036 ether or $0.544 per transfer, and etherscan.io’s gas tracking tool notes a priority fee will cost 11 gwei or $0.34 to get a transaction confirmed in roughly 30 seconds.
Ethereum’s Onchain Transfer Cost Remains Low, L2 Transfer and Swap Fees Are Still Cheaper
On August 16, the Ethereum Foundation updated a previously published blog post in order to make it clear that The Merge would not reduce gas fees and improve throughput. While The Merge is a little more than two weeks away, Ethereum gas fees have been far less expensive than they were before mid-June.
At that time, in the middle of June, Ethereum’s average gas fees started to drop lower from $3.86 per transaction to 0.00086 ether or $1.46 per transfer during the first week of August. Gas fees are even lower today, as the average fee is currently 0.00092 ether or $1.37 per transaction, according to bitinfocharts.com data.
Bitinfocharts.com metrics further show that the median sized Ethereum fee on Sunday is 0.00036 ether or $0.544 per transaction. Etherscan.io data shows gas prices are lower, according to the website’s dedicated gas tracking tool.
Presently, at 4:30 p.m. (EST) on August 28, 2022, the highest “priority” gas fee according to etherscan.io is 11 gwei or $0.34 per transfer. An Opensea settlement will cost $1.17 per transaction, a Uniswap trade will cost a user $3.03 using the priority transfer setting, and to send an ERC20 token like tether (USDT), etherscan.io estimates the cost is around $0.89 per transaction.
While ETH fees are lower, they are two times the size of bitcoin’s (BTC) average transfer fees, which are 0.000039 BTC or $0.785 per transaction on Sunday. Median-sized fees on the Bitcoin blockchain are 0.000013 BTC or $0.258 per transaction, which is also lower than ETH’s median-sized transfer fees.
In terms of 24-hour rewards, ETH miners obtained $41,107,170 in block rewards, while BTC miners acquired $35,976,600 in block rewards plus transaction fees. As onchain Ethereum data fees have dropped…
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