The transaction fees for Ethereum's switch from proof-of work (PoW), to proof-ofstake (PoS), on September 15 have been lower than they were just ten days prior to The Merge. A high-priority transaction costing 68 gwei (or $2.97) was the price for high-priority Ethereum transactions. Today, at $0.18, it is 93% less.
After the Merge, Ethereum Fees remain low
Transacting on the Ethereum network costs less post-Merge. etherscan.io’s gas tracker shows that a high priority transaction is on September 17th 2022 at 8 gwei, or $0.18 per transfer. On September 5, a high priority ETH transfer cost 14 gwei, or $0.47 per transaction.
ETHscan.io's fee metrics show that today's ETH transaction costs are 61% less than they were 12 hours ago. A few fee aggregation websites like bitinfocharts.com have published incorrect fee data due to Ethereum's recent switch from PoW to PoS.
Data from ycharts.com reveals that the average fee for ethereum (ETH), which is $0.5888 per transaction, has dropped significantly since The Merge. The metrics show that the average transaction fee on ETH network was $0.6293 per transaction on September 14, and rose to $0.9812 on the day after The Merge.
The Ethereum gas fees are 93% lower now than they were on May 13, 2022, four months ago. According to Ycharts.com statistics, the average fee for Ethereum gas transfers was $1.37 on May 13. This is 57.66% less than the current average fee ($0.88).
Archive.org data shows that etherscan.io’s gas tracker also indicates that ether fees were much more high 127 days ago in May. A high priority transaction cost 68 gwei, or $2.97 per transfer to send ethereum. This is in contrast to today's $0.18 high-priority transfer.
Today's etherscan.io gas tracker shows that an Opensea sale costs $0.61, while it cost $28.58 four months ago. On September 17, a Uniswap swap for decentralized exchange (dex), will cost $1.58, while it was approximately $26 on May 13.
It costs $0.46 per transaction to send an ERC20 token such as tether (USDT), or usd coin(USDC). However, sending an ERC20-based cryptocurrency would have cost the user $7.65 per transaction 127 days ago.
Bitcoin.com News has reported that Ethereum's data charges have been steadily falling since May 2022. Onchain ETH fees remain low, according to data from the aftermath of Merge.
What do you think of post-Merge stats showing that ether fees have remained low? Please comment below to let us know your thoughts on this topic.
By: Jamie Redman
Title: Ethereum’s Post-Merge Transfer Fees Remain Low, Since Mid-May High-Priority ETH Fees Are 93% Cheaper
Sourced From: news.bitcoin.com/ethereums-post-merge-transfer-fees-remain-low-since-mid-may-high-priority-eth-fees-are-93-cheaper/
Published Date: Sat, 17 Sep 2022 20:30:54 +0000
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