Despite a 61% increase in price over the past 30 days, the value of ether in US dollar terms is still more than 60% lower than its all-time high, which was reached nine months ago.
The network’s average fees have fallen below £4.11 during the recent market slump, and as of press time, the average charge was approximately 0.001 ether, or £1.40 per transfer. Additionally, as ethereum miners confirmed transactions in the £0.15 to £0.54 range this weekend, the Gas Tracker on etherscan.io showed even more affordable transfers.
Ethereum’s value has decreased by more than half since November 10, 2021, although network transfer costs have decreased significantly since then.
The median transaction fee on the network has been considerably lower, at 0.00039 ETH or £0.545. The average transaction fee in July didn’t go over £4.11. Additionally, in July, the median transaction fee stayed below £2.5.
Transfer costs towards the end of July were significantly lower than those predicted by Bitinfocharts’ Gas Tracker (etherscan.io). According to Gas Tracker statistics, a user may pay up to £0.71 for an Opensea sell on July 30, £1.82 for a Uniswap trade, and about £0.53 for an ERC20 transfer on Saturday.
On July 30, etherscan.io reported a range of low to high Ethereum network transfer costs of five to six gwei per transfer. When ETH reached a price of £4,010 per unit nine months ago, the transfer fees were far higher.
The average ETH transfer cost was about £23.8 per transfer at the time, according to Bitinfocharts. The Gas Tracker’s snapshot of that time indicated lower transaction rates.
The lowest charge was 171 gwei, or £10.5 per transfer, on November 9, 2021, compared to fees of five to seven gwei on July 30. ERC20 trade cost £32.6, whereas a decentralised exchange (dex) trade cost £100.
Layer two (L2) fees were even lower on July 30. A Loopring transfer and token swap cost £0.016 and £0.32, respectively. With the highest L2 fees, Optimism and Arbitrum ranged from £0.17 to £0.21 per transaction and £0.25 to £0.34 per swap.