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 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.
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 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.
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 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.
Image Credits: Shutterstock, Pixabay, Wiki Commons, Editorial photo credit: viktoryabov / Shutterstock.com
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Central Bank of Brazil Confirms It Will Run a Pilot Test for Its CBDC This Year
The Central Bank of Brazil has confirmed that the institution will run a pilot test regarding the implementation of its proposed central bank digital currency (CBDC), the digital real. Roberto Campos Neto, president of the bank, also stated that this ... read more.
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 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.
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 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.
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 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.
Image Credits: Shutterstock, Pixabay, Wiki Commons, Editorial photo credit: viktoryabov / Shutterstock.com
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Central Bank of Brazil Confirms It Will Run a Pilot Test for Its CBDC This Year
The Central Bank of Brazil has confirmed that the institution will run a pilot test regarding the implementation of its proposed central bank digital currency (CBDC), the digital real. Roberto Campos Neto, president of the bank, also stated that this ... read more.
Ethereum classic remained close to a three-month low in today’s session, as the token continued to extend recent declines. The token is now trading almost 15% lower in the last seven days. Near protocol was also lower, with it also falling to its lowest point since July.
Ethereum classic (ETC) continued to trade close to a three-month low on Tuesday, after hitting this mark to start the week.
Yesterday, the token hit a three-month low of $23.10, and 24 hours later, prices remain near this point.
Following a move to a high of $24.31 earlier today, ETC/USD once again moved lower, dropping to a bottom of $23.73 in the process.
This week’s low saw ETC move below a key floor of $23.20, which has been in place since mid-July.
In addition to price, the 14-day relative strength index (RSI) has also hit a multi-month low following the bear run.
For traders looking to buy the dip, this is potentially a positive sign, as we are firmly in bearish territory, and could eventually see bulls choose to reenter the market at this point.
Near protocol (NEAR) was another notable mover on Tuesday, as the token also hit a three-month low.
Following a high of $3.54 to start the week, NEAR/USD slipped, dropping to an intraday low of $3.12 earlier today.
This sell-off pushed the token to its lowest point since July 13, which is the last time prices were trading at a support of $3.00.
Looking at the chart, the RSI is now also oversold, and is currently tracking at 31.15 as of writing.
Historically, at current levels, bulls typically begin to circle, looking for an opportune moment to buy.
We’ve seen some signs of this already, with NEAR now moving away from earlier lows, and trading at $3.19 as of writing.
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Could we see near protocol extend its bear run this week? Let us know your thoughts in the comments.
Eliman brings an eclectic point of view to market analysis, he was previously a brokerage director and retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
UAE Airliner Emirates to Launch NFTs and Experiences in the Metaverse
United Arab Emirates (UAE) airliner, Emirates, has announced plans to launch non-fungible tokens (NFT) and experiences in the metaverse for its workers and customers. The launch aligns with UAE's digital economy and virtual assets initiatives. First Projects Already Underway The ... read more.
Source From : News