Ethereum’s Average Gas Fee Jumps More Than 80% Higher Nearing $5 per Transfer

Ethereum"s Average Gas Fee Jumps More Than 80% Higher Nearing $5 per Transfer

26 days ago, Ethereum transitioned from a proof-of-work (PoW) network to a proof-of-stake (PoS) blockchain and after the change, the network’s fees remained low. This week, however, Ethereum’s gas fees have increased as data from October 10 shows the average fee tapped a high of $4.75 per transaction. Ethereum’s Average Gas Fees Jump Over 80% in 3 Days

Ethereum’s gas fees have ticked upwards, jumping 84% higher from $2.58 per transaction on October 8, to $4.75 per transfer on October 10. Ethereum fees have not breached $4 since August 11, 2022, or roughly 61 days ago.

Statistics from bitinfocharts.com indicates that the median transfer fee on October 10 is $2.2 per transfer. Etherscan.io’s gas tracker also shows an increase as today’s high priority fee is around 27 gwei or $0.62 per transfer. On October 11, 2022, the average gas fee is around $4.25 per transfer or 0.0033 ether. The day prior, on October 10, ETH gas fees neared $5 when fees reached $4.75 per transfer.

44 days ago or on August 28, 2022, etherscan.io’s gas tracker shows that fees were lower prior to The Merge as a high priority fee was around 11 gwei or $0.34 per transfer. While fees are around $0.62 for a high-priority transfer, swapping and moving an ERC20 token can cost more.

An Opensea sale is $2.13 per transaction today, when it was $1.17 per transaction on August 28. A Uniswap trade has an estimated cost of around $5.49 and 44 days ago, it was around $3.03.

Sending an ERC20 token like USDT or USDC will cost $1.61 today and on August 18, it was around $0.89 per transaction. Layer two (L2) fees are still much cheaper than Ethereum’s onchain transfer statistics.

Metis Network is around $0.01 to transfer ETH, while Loopring will cost $0.02. Both Zksync and Arbitrum will cost around $0.03 to transfer ETH and Optimism is a bit more expensive today, at $0.10 per transfer.

Boba network is around $0.15 per transaction and the Aztec network is around $0.25 per transfer. The cost to swap an ERC20 using an L2 protocol can cost between $0.05 to $0.32, depending on which L2 is chosen. Since September 15, 2022, the day of The Merge, Ethereum block times have shrunk from 0.244 minutes to 0.201 minutes. This means blocks are being discovered by validators at a faster rate than miners when the blockchain was a PoW network.

Since The Merge on September 15, while ETH fees increased, block times have been faster than they were prior to the transition, but only by milliseconds. Pre-Merge block times show 0.244 minutes while post-Merge block intervals are 0.201 minutes or 17% faster than before September 15.

While many people assumed gas fees would be cheaper after The Merge, the Ethereum Foundation stressed well before the transition that The Merge upgrade would not affect gas fees and throughput.

“The Merge deprecates the use of proof-of-work, transitioning to proof-of-stake for consensus, but does not significantly change any parameters that directly influence network capacity or throughput,” the Ethereum Foundation said on August 16. Tags in this story Altcoins, August 2022, Bitinfocharts.com, data, dex swaps, ERC20 token, ERC20 transfer, ETH, ETH fees, ether, Ethereum, Ethereum fees, etherscan.io, Gas, L1, L2, l2fees.info, Layer two, Layer-One, Metis Network, metrics, October 10, October 2022, October 8, Onchain, Scaling, September 2022, Stats, swaps, Transaction, Transaction Fees, transfer, Transfer Fees

What do you think about Ethereum’s gas fees rising? Let us know what you think about this subject in the comments section below. Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today. Stablecoin Economy Continues to Deflate — USDC"s Market Cap Shed $6.7 Billion in 83 Days ALTCOINS | Sep 28, 2022 Stablecoin Economy Growth Stagnates for 73 Days, USDC Market Cap Slides 5% Lower ALTCOINS | Sep 18, 2022

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