Ethereum fees fell lowest to 71% in last 4 months

The transaction fees on the

Ethereum

network fell down 71.15% since September 2021. This is the lowest transaction fees in 4 months, as indicated by bitcinfocharts.com on February 13.

Bitinforcharts

.com is a free source of cryptocurrency statistics that allows users to compare dozens of digital coins by various indicators. According to the website’s statistics, cited by bitcoin.com on February 13, it cost 0.0052 ETH or $15.13 per transaction for transferring ethereum (ETH).

A look at the remarkably and low transaction fees of ethereum since 2021 :

• The ethereum gas fees were as low as mid-February, four months ago in mid-September 2021.
• On January 10, 2022, the average transaction fee on Ethereum was around $52.46 per transfer.
• From mid-January to mid-February, the average transaction fee on the Ethereum cost more than $15 per transaction.
• The average transaction fees on Ethereum network on February 13 was 71.15% lower than the average transaction fee recorded on January 10, 2022.
• However, this average gas fee on Ethereum is still 552% higher than the average transaction fee on the Bitcoin (

  BTC

  ) network, which was $2.30 per onchain transfer at the same time.
• Onchain transactions are those that are done on the cryptocurrency blockchain.

The London Hard fork upgrade, EIP-1559 introduced in Ethereum in August 2021, implemented rent control on gas fees, and periodic token burning to limit the available supply of ether creating pricing pressure. Since the upgrade, 1,828,701 ethereum worth $6.6 billion has been burnt making the crypto a deflationary asset. Currently, both the onchain ethereum network transfers and layer-two network fees are cheaper. The lowest L2 transfer fee is $0.19 per transfer and 5 out of 6 L2 platform fees are under $1. Layer2 is the network layer used to transfer data between adjacent network nodes in a wide area network or between nodes on the same local area network.

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