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Etherum Gas Fees Drop to the Lowest Rate in 4 Months, 71% Lower Than Transfer Fees in January

14 Feb 2022 By : Coin Gabbar
Etherum Gas Fees Dro

The average transaction fee on the Ethereum network has dropped to the lowest level in four months, according to statistics on February 13, 2022.

Mid-September 2021 was the last time gas fees on Etherumwere this low, as average fees have dropped to roughly $15.13 per transfer.

Ethereum Fees Slide Lower

It costs less to transact on Ethereum (ETH) today than it was in mid-January 2022 when the average transaction fee on Etherumwas around $52.46 per transfer. Today, statistics indicate that in order to move Ethereum (ETH), it will cost 0.0052 ETH or $15.13 per transaction. The average mid-sized transfer fee on Ethereum is even cheaper, as being measured by a metric website indicating the mid-sized gas fee today is 0.0023 ETH or $6.67 per transfer.

The last time Ethereum fees were this low was four months ago in mid-September 2021. In between that time, the average transaction fee on the Ethereum cost more than $15 per transaction. The fees today are71.15% lower than the $52.46 average transaction fee recorded on January 10, 2022.

Since the Ethereum London upgrade on August 5, 2021, the implementation of the Ethereum Improvement Proposal has made it so the crypto asset is deflationary. Since that day in August, close to 2 million or1,828,701, Ethereum has been burned so far.

The number of Ethereum burned is equivalent to $6.6billion in USD value. Of course, with on-chain Ethereum network transfers being cheaper, layer-two (L2) network fees are less expensive as well.