Average cost to make a transaction Ethereum (ETH) at $2.96 on Sunday (May 29), hitting its lowest level in more than ten months. At the moment, the number is slightly higher, 0.002 ETH ($3.56) per transaction.
Transaction fee of Ethereum hasn't been that low for quite some time. Like T-REX already news about the fact that gas fees have been falling since mid-February and in the first week of March slipped below the $10 mark.
The last time the average ETH fee fell below $3 was on July 11, 2021, about ten months ago. In fact, for a few weeks in July 2021, the average gas charge for using a Layer-1 (L1) network of Ethereum from less than 3 to 8 USD per transaction.
In addition to the average Ethereum fee dropping to a new low, the average gas fee has also dropped significantly this week. For example, on March 8, 2022, the average ETH fee was 0.0014 ETH ($3.73) per transaction and today it's 0.00065 ETH ($1.04).
Cost to move ERC20 tokens like USDT or USDC is about 2.67 USD. Regarding Ethereum's mining reward, miners earned about 50,241,489 yesterday (May 2), equal to 94.7% of miner Bitcoin (BTC) obtained on the same day, $53,035,200.
The Layer-2 (L2) transaction fees for transferring ETH are also quite low. Zksync transactions are around 0.04 USD and swaps cost 0.09 USD. Loopring's ETH transaction fee is at $0.04 per transfer, but swaps will require $0.45. Use Optimism just 0.12 USD and Arbitrum One will need 0.23 USD for each ETH transaction.
When ETH fees are low, this is a good time to trade if there is a need to move ETH or ERC20, swap tokens or conduct a market sale. NFT.