Daily Newsletter by NFT Newspaper

Ethereum Transaction Fees Touch a 10-Month Low as Gas Prices Sink

The average fee of the Ethereum network has dropped to its lowest value in more than ten months, hitting a low of $2.96 per transaction. The last time the fees sank below $3 was in July 2021. In addition, median fees are even lower, and this is because the median-sized Ethereum transaction fee reached nearly 0.00086 ether or $1.56 per transfer on May 29.

Ethereum Gas Costs Reaches their Lowest Levels Since July 2021

Transaction fees Ethereum has not dropped this low in quite some time. According to sources, dropping gas costs since mid-February and in the first week of March led Ethereum transaction fees to just above $10. Moreover, as the average Ethereum fee is dropping to its fresh lows, median-sized gas costs have also dropped.  For instance, on March 8, 2022, the median-sized Ether fee touched 0.0014 ETH or $3.73 per transfer. Today, the fee has touched 0.00086 ether or $1.56.

In addition, the cost of an OpenSea sale is nearly $10.63 at the high end and $10.26 for a lower fee. Swapping coins on a decentralized exchange (dex) platform today is $9.36 per transaction in the low end and can cost $9.69 per transaction in the high end. The cost to move an ERC20 token is approximately $4.37 for each transfer. When it comes to Ethereum’s 24-hour ETH mining rewards, miners pulled in about $50,241,489 on May 29, which is about 94.7% of the fees Bitcoin (BTC) miners acquired on the same day.

Ether transaction fees on Boba Network are $0.17 at the moment, and the fee for swapping a token using Boba is $0.35. When ETH fees are low, it may be a good time to transact moving Ethereum or an ERC20, swap tokens, or conduct a sale on the NFT (non-fungible token) marketplace.

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