Ethereum’s Post-Merge Transfer Fees Remain Low Since Mid-May High-Priority ETH Fees Are 93% Cheaper
The transaction fees on the blockchain network have decreased significantly since September 15, when Ethereum switched from proof-of-work (PoW) to proof-of-stake (PoS). A high-priority ether transaction might have cost 68 gwei, or $2.97, four months ago on May 13, 2022. Today, at $0.18, a high-priority ether transaction is 93% less expensive.
Fees for Ethereum are still low following the merger
After the Merge, the price of a high-priority transaction on September 17, 2022, according to etherscan.io’s gas tracker, will be roughly 8 gwei, or $0.18 per transfer. A high-priority ETH transfer cost 14 gwei, or $0.47 per transaction, on September 512 days ago.
The ETH transaction costs today are more than 61% less expensive than they were 12 days ago, according to fee data from etherscan.io. A few fee aggregation websites, including bitinfocharts.com, have also published false fee information as a result of Ethereum’s recent switch from PoW to PoS.
According to data, the average ethereum (ETH) fee has decreased since The Merge, now standing at $0.5888 per transfer. In accordance with the data, the average transaction fee on the ETH network on September 14 was $0.6293, and on the day of The Merge, fees increased to $0.9812.
The cost of Ethereum gas is also 93% less today than it was on May 13, 2022.
According to Ycharts.com statistics, the average charge was $1.37 on May 13a decrease of 57.66% from the current average fee of $0.58 per transfer.
According to data, etherscan.io’s gas tracker also reveals that 127 days ago, in mid-May, ether costs were significantly higher. In contrast to today’s $0.18 high-priority transfer, a high-priority transaction back then cost 68 gwei ($2.97) or 2.97 Ethereum per transfer.
An Opensea sale may now be had for $0.61 on Etherscan.io, whereas four months ago it would have cost $28.58. On September 17, a Uniswap decentralized exchange (dex) swap would cost $1.58, although, on May 13, it was about $26.07.
At $0.46 per transaction, sending an ERC20 token like tether (USDT) or usd coin (USDC) is also more affordable right now. But 127 days ago, sending an ERC20-based token would have cost a consumer about $7.65 for each transaction.
Ethereum’s data costs have been progressively declining since mid-May, as Bitcoin.com News highlighted on numerous occasions in 2022. Data from the aftermath of the Merge shows that onchain ETH fees have remained low.
