About four months ago, on May 13, 2022, high priority ether transactions could cost 68 gwei or $2.97 per transaction. Today, at $0.18, a high priority ether transaction is 93% cheaper.
Ethereum’s fees remain low after the merger
The cost of a transaction on the Ethereum network is lower after the merger, as shown by the tracker of etherscan.io, a high priority transaction on September 17, 2022 is about 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.
Fee metrics from etherscan.io indicate that current Ethereum fees are more than 61% cheaper than 12 days ago. In addition, Ethereum’s recent move from PoW to PoS has also caused some 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 value of ethereum have also decreased since the merger. The metrics show that the average transaction fee on the Ethereum market on September 14 was $0.6293 per transaction, and on the day of the merger, the fee rose to $0.9812 per transaction.
Ethereum’s gas fees are also 93% lower than they were four months ago, on May 13, 2022. Statistics from Ycharts.com show that on May 13, the average fee was $1.37 and was 57.66% lower than the current average fee of $0.58 per transfer.
Data from archive.org shows that the etherscan.io tracker also shows that ether fees were much higher 127 days ago, in mid-May. Back then, a high-priority transaction cost 68 gwei or $2.97 per transfer to simply send ethereum, compared to today’s $0.18 high-priority transfer.
Today, etherscan.io shows that a sale of Opensea can cost $0.61 and four months ago it would have cost $28.58. A trade on the decentralized foreign exchange (dex) market Uniswap will cost $1.58 on September 17, but on May 13 it cost about $26.07.
Sending an ERC20 token as tether (USDT) or usd coin (USDC) is also cheaper today, at $0.46 per transaction. But 127 days ago, it cost a user about $7.65 per transaction to send an ERC20-based coin.
Ethereum’s data charges have been steadily dropping since mid-May. Post-merger data indicates that onchain ETH has continued to remain low.