Following Ethereum’s transition from proof-of-work ( PoW) to proof-of- stake ( PoS) on September 15, the blockchain network’s transaction fees have been much lower than they were ten days before The Merge. Roughly four months ago on May 13, 2022, high-priority ether transactions could cost 68 gwei or $2.97 per transaction, and today at $0.18, a high-priority ether transaction is 93% cheaper.
Ethereum's Post-Merge Transfer Fees Remain Low, Since Mid-May High-Priority ETH Fees Are 93% Cheaper
This article was published more than a year ago. Some information may no longer be current.
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Ethereum Fees Remain Low Following The Merge
The cost to transact on the Ethereum network is cheaper post-Merge, as etherscan.io’s gas tracker indicates a high priority transaction on September 17, 2022, is around 8 gwei or $0.18 per transfer. 12 days ago on September 5, a high-priority ETH transfer was 14 gwei or $0.47 per transaction.
The fee metrics from etherscan.io indicate that today’s ETH transaction fees are more than 61% cheaper than they were 12 days ago. Moreover, Ethereum’s recent change from PoW to PoS has also caused a few fee aggregation web portals like bitinfocharts.com to publish erroneous fee data.
At $0.5888 per transfer, data from ycharts.com shows that the average ethereum ( ETH) fee has also dropped since The Merge took place. The metrics show the average transaction fee on the ETH network on September 14 was $0.6293 per transaction, and on the day of The Merge, fees rose to $0.9812 per transaction.
Ethereum gas fees are also 93% lower than they were four months ago on May 13, 2022. Ycharts.com stats show on May 13, the average fee was $1.37 and it dropped 57.66% lower than the current average fee of $0.58 per transfer.
Data from archive.org indicates that etherscan.io’s gas tracker also shows ether fees were much higher 127 days ago in mid-May. At that time, a high priority transaction was 68 gwei or $2.97 per transfer to simply send ethereum, in comparison to today’s $0.18 high priority transfer.
Today, etherscan.io’s gas tracker shows an Opensea sale can cost $0.61 and four months ago it would have cost $28.58. A Uniswap decentralized exchange ( dex) swap will cost $1.58 on September 17, but on May 13, it was roughly $26.07.
Sending an ERC20 token like tether ( USDT) or usd coin (USDC) is also cheaper today at $0.46 per transaction. But 127 days ago, it would cost a user roughly $7.65 per transaction to send an ERC20-based coin.
As Bitcoin.com News reported on many occasions in 2022, Ethereum’s data fees have been dropping steadily since mid-May. Data from the post-Merge aftermath indicates onchain ETH fees have continued to remain low.
What do you think about post-Merge stats that show ether fees continue to remain low? Let us know what you think about this subject in the comments section below.
