all about cryptop referances
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. About four months ago, on May 13, 2022, high-priority ether transactions could cost 68 gwei or $2.97 per transaction, and today a high-priority ether transaction is 93% cheaper at $0.18.
The cost of transacting on the Ethereum network is cheaper after the merger, as etherscan.io’s gas tracking indicates that a high-priority transaction on September 17, 2022 is around 8 gwei or $0.18 per transfer. 12 days ago on September 5th, a high priority ETH transfer was 14 gwei or $0.47 per transaction.
The etherscan.io fee calculations 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 such as 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 fallen since the merger took place. The calculations show that the average transaction fee on the ETH network on September 14 was $0.6293 per transaction, and on the day of The Merge, the 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 statistics show that on May 13, the average fee was $1.37 and it fell 57.66% lower than today’s average fee of $0.58 per transfer.
Data from archive.org indicates that etherscan.io’s gas tracking also shows that ether fees were much higher 127 days ago in mid-May. At the time, a high priority transaction was 68 gwei or $2.97 per transfer to simply send ethereum, compared to today’s high priority transfer of $0.18.
Today, etherscan.io’s gas meter shows that an Opensea sales box costs $0.61, and four months ago it would have cost $28.58. A Uniswap decentralized exchange (dex) swap will cost $1.58 on September 17th, but on May 13th it was about $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 about $7.65 per transaction to send an ERC20-based coin.
As Bitcoin.com News reported on numerous occasions in 2022, Ethereum data fees have been falling steadily since mid-May. Data from the aftermath of the merger indicates that on-chain ETH fees have continued to be low.
What do you think about the post-merger statistics showing that ether fees are still low? Let us know what you think about this topic in the comments section below.
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