The transaction fees on the blockchain network have decreased significantly since September 15, when Ethereum switched from proof-of-work (PoW) to proof-of-stake (PoS). A high-priority ether transaction might have cost 68 gwei, or $2.97, four months ago on May 13, 2022. Today, at $0.18, a high-priority ether transaction is 93% less expensive.
Fees for Ethereum are still low following the merger
After the Merge, the price of a high-priority transaction on September 17, 2022, according to etherscan.io’s gas tracker, will be roughly 8 gwei, or $0.18 per transfer. A high-priority ETH transfer cost 14 gwei, or $0.47 per transaction, on September 5—12 days ago.
The ETH transaction costs today are more than 61% less expensive than they were 12 days ago, according to fee data from etherscan.io. A few fee aggregation websites, including bitinfocharts.com, have also published false fee information as a result of Ethereum’s recent switch from PoW to PoS.
According to data, the average ethereum (ETH) fee has decreased since The Merge, now standing at $0.5888 per transfer. In accordance with the data, the average transaction fee on the ETH network on September 14 was $0.6293, and on the day of The Merge, fees increased to $0.9812.
The cost of Ethereum gas is also 93% less today than it was on May 13, 2022.
According to Ycharts.com statistics, the average charge was $1.37 on May 13—a decrease of 57.66% from the current average fee of $0.58 per transfer.
According to data, etherscan.io’s gas tracker also reveals that 127 days ago, in mid-May, ether costs were significantly higher. In contrast to today’s $0.18 high-priority transfer, a high-priority transaction back then cost 68 gwei ($2.97) or 2.97 Ethereum per transfer.
An Opensea sale may now be had for $0.61 on Etherscan.io, whereas four months ago it would have cost $28.58. On September 17, a Uniswap decentralized exchange (dex) swap would cost $1.58, although, on May 13, it was about $26.07.
At $0.46 per transaction, sending an ERC20 token like tether (USDT) or usd coin (USDC) is also more affordable right now. But 127 days ago, sending an ERC20-based token would have cost a consumer about $7.65 for each transaction.
Ethereum’s data costs have been progressively declining since mid-May, as Bitcoin.com News highlighted on numerous occasions in 2022. Data from the aftermath of the Merge shows that onchain ETH fees have remained low.
- Recent Posts
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Latest posts by Nancy J. Allen (see all)
Download our App for getting faster updates at your fingertips.
Top Rated Cryptocurrency Exchange