Ethereum gas fees have increased by 13.71% in the last two weeks, with the average fee increasing from $4.52 per transaction to $5.14 per transfer on February 3, 2023. Despite the fact that the price of ethereum saw significant growth this year, its network gas fees also saw an increase. similar increase. As demand for Ethereum’s capabilities continues to rise, it remains to be seen if these rising fees will ultimately hamper its growth.
Ethereum gas fees continue to rise
With a value of $1,701 per coin reached on Thursday, February 2, 2023, Ethereum (ETH) has reached new heights, reaching its highest value this year. However, despite the increase in the value of the ethereum token, the cost of sending the cryptocurrency on-chain has also increased.
On January 18, 2023, data from bitinfocharts.com showed an average transfer fee of 0.0029 ETH or $4.52 per transaction. Just 15 days later, the transfer fee had risen to 0.0031 ETH either $5.14 per transaction.
The median transaction fee was around $1.96 per transaction on January 18, 2023 and increased 20% to $2.36 per transaction on February 3, 2023. The average fee to transfer ether is now 0.0014 ETH.
Transactions on Opensea currently cost around $3.89, while a decentralized exchange (dex) exchange costs around $10.02 per transaction. On the Ethereum network, the cost of transacting with an ERC20 token as USDT o USDC is around $2.94 per transfer on February 3rd.
Exploring L2 Alternatives: Ethereum Transactions vs. Optimism and Arbitrum Networks
According to Dune Analytics datathe average cost to send transactions using the Ethereum Optimism scaling solution is around $0.288 per transaction, while the L2 Arbitrum scaling network is around $0.182 per transfer on February 3rd.
The combined number of L2 transactions using Arbitrum and Optimism has decreased since January 15, 2023. Two days ago, on February 1, 2023, Ethereum recorded 1.06 million transactions, while the combined number of transactions using Arbitrum and Optimism was 902,254.
The data shows that the cost of transferring 1.06 million transactions on Ethereum at an average rate of $2.36 per transaction would be $2.49 million. However, if these same transactions were moved to Optimism at a rate of $0.288 per transaction, the fees would cost $307,680, which is 87.67% lower.
If transactions were moved to Arbitrum at a fee of $0.182 per transfer, the cost would be $193,720, a 92.19% decrease compared to Ethereum. While Ethereum recorded 1.06 million transactions at a much higher cost, Optimism had 212,743 transfers and Arbitrum 689,511 transactions.
What do you think about the increase in Ethereum gas fees and the potential impact on its growth? Let us know your thoughts on this topic in the comments section below.
image credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or a solicitation of an offer to buy or sell, or a recommendation or endorsement of any product, service or company. 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.
