Ethereum Over the last fortnight, fuel prices have gone up by 13.71%. The regular fee has risen from $4.52 per transfer to $5.14 per switch on 3rd February 2023. Despite the noteworthy growth of ethereum in the current year, its network gasoline prices have also risen. Such hikes. As the demand for Ethereum’s capabilities continues to increase, it is still to be determined if these mounting costs will eventually obstruct its expansion.
Ethereum Gas Costs Remain On The Rise
Reaching $1,701 per coin on Thursday, 2nd February 2023, ethereum, also known as ETH, has achieved new heights. Its highest value this year is now at $2,2023 Despite the growth of the ethereum token, the cost of sending the crypto on the chain has also gone up.
On 18th January 2023, the data from Bitinfocharts.com showed that there was an average transaction fee of 0.0029ETH, or $4.52 per transfer. Just 15 days later the transfer rate had increased to 0.0031ETH, or $5.14 per transaction.
The common fee for transactions was around $1.96 per transaction on 18th January 2023; and increased by 20% to $2.36 for each transaction on 3rd February 2023. The common fee for transferring ether is 0.0014ETH.
At present, a transaction on Opensea costs $3.89. A decentralized exchange (dex), however, will cost around $10.02 per transaction on the Ethereum network. The cost of transacting an ERC20 token such as USDT/USDC is approximately $2.94 per switch on 3rd February.
Exploring L2 Alternatives: Ethereum Transactions vs. Optimism Arbitrum Networks
The data from Dune Analytics shows that the average price for sending transactions using the Ethereum Optimism Scaling solution is roughly $0.288 per transaction. L2 is more expensive. Arbitrum Scaling network costs around $0.182 per switch on 3rd February.
The mix of L2 transactions Arbitrum Optimism has dropped since 15th January 2023. Two days ago on 1st February, Ethereum recorded 1.06 million transactions. The total number of transactions using Arbitrum Optimism was 902,254.
