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Fees on the L1 Ethereum Network have dropped to levels

18-May-2022 By: Simran Mishra
Fees on the L1 Ether

Fees on the L1 Ethereum Network have dropped to levels

Ethereum network costs have plummeted this week, dropping below $10 per transaction for the first time since March 10, 2022. The average Ethereum transaction fee on May 17 was 0.0027 ether or $5.68 per transaction. Because of the lower layer one (L1) rates, layer two (L2) fees have ranged from $0.02 to $1.13 per transfer.

Following a brief spike last week, Ethereum's on-chain fees are falling.

Since onchain transfer rates have gone below $10, this week is an ideal opportunity to send ether or use the Ethereum network to swap coins. In actuality, on May 17, 2022, the average ether transaction cost is around 0.0027 ether, or $5.68.

The lowest L1 costs on Ethereum have been in 68 days, or since March 10. The decreased rates come after a brief rise on May 12 during the Terra blockchain slaughter, when prices were on average $31.19 per transfer.

With average network fees down this week, both L1 and L2 median fees have declined significantly. The typical network charge to transact on Ethereum is 0.0012 ether, or $2.59 per transfer, as of Tuesday AM. A decentralised exchange (dex) swap will set you back $8.86 while moving an ERC20 token would set you back $2.60.

L2 fees for Ethereum have dropped in line with onchain transfer costs.

Since onchain costs are less expensive, L2 fees have dropped significantly in the previous five days since May 12. The Metis Network, for example, costs about $0.02 per transfer and about $0.10 to swap tokens.

Following the network's all-time hashrate high on May 13, 2022, at block 14,770,231, the lower ether fees were implemented. That day, the network's computing power reached 1.27 petahash per second (PH/s), and it's still climbing.

Although Ethereum's value has dropped 41.8 per cent this year, it is still up 482,570 per cent since October 20, 2015, or approximately six years ago. With a market capitalization of about $253 billion, ETH represents 18.4% of the total crypto economy's net USD worth.

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