Average Ethereum Gas Fee Jumps to $20 per Transfer, L2 Fees Follow Rise
While Ethereum network fees to transfer data dropped significantly in recent times, tapping a low of $5.98 per transaction in mid-March, gas fees are rising once again on the second-largest cryptocurrency network in terms of market valuation. On Sunday, April 3, the average transaction network fee is around 0.0056 ether or $19.58 per transfer.
Ethereum Network Fees Spike
Last month was one of the best times to cheaply move ethereum (ETH) without it costing a fortune in network fees. On March 12, 2022, Ethereum’s network fees dropped to a low of $5.98 per transaction after reaching a high on January 10, at $52 per transfer.
The transaction fee data highlights that between mid-January to mid-March, ethereum fees decreased by 88.49%. However, since the low 22 days ago, Ethereum (ETH) network fees increased to $19.58 per transfer on average.
At the time of writing, Ethereum’s average network fee is 0.0056 ether per transaction and median-sized ETH fees can cost 0.0021 ETH or $7.47 per transaction. Median-sized fees (MSF) on Ethereum reached a low of $2.39 per transfer on March 11, 2022. On January 10, MSF on Ethereum tapped a high of $29 per transfer.
While both average fees and MSF on Ethereum have risen via layer one (L1), layer two (L2) fees have also increased. Loopring currently offers the lowest L2 fee at $0.15 per transfer. To swap a token via Loopring the cost is $0.87. On Sunday, April 3, the current L1 cost to swap a token is $25.67 per transaction.
Zksync offers common ethereum (ETH) transfers for $0.21 per L2 transfer, while token swap transactions will cost $0.52 per swap. Polygon Hermez is $0.25 to simply move ethereum and Boba Network will charge $0.79 per transfer. Boba Network costs $1.27 to trade an Ethereum-based token.
Arbitrum One L2 fees are currently $0.81 per transfer and the cost to trade tokens via Arbitrum is $1.12. Optimism fees are $1.28 per ETH transfer and it’s currently $1.89 to swap a token via Optimism’s L2 infrastructure. Users can also leverage the Aztec Network which will cost $2.48 per ETH transfer, which is much cheaper than the $7.47 MSF per transaction.
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Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today.