Skip to main content

While Ethereum Prices Skyrocket, Ether Gas Fees Surge Fueling Costly Transfers

http://motleybloggers.com/wp-content/uploads/2021/10/while-ethereum-prices-skyrocket-ether-gas-fees-surge-fueling-costly-transfers.jpg

On October 29, 2021, the second-largest crypto asset in terms of market valuation, ethereum, reached an all-time price high at $4,467 per unit. Meanwhile, after the Ethereum network’s Altair upgrade went live, ether gas fees have skyrocketed significantly.


As Ethereum Tests New Price Highs, the Average Ether Transfer Fees Onchain Skyrocket


The two leading crypto assets by market valuation have had issues with high transfer fees for many years now but this month, Ethereum’s network fees are significantly higher than bitcoin’s. On Saturday, October 30, bitcoin’s (BTC) average network fee according to bitinfocharts.com data shows BTC fees are around 0.00000015 BTC per byte or $3.15 per transaction.

The same web portal tracking ethereum (ETH) gas fees notes that to move some ether, it’ll cost around 0.012 ETH or $50.53 per transaction. The data shows that on Saturday morning, ETH fees are 1,504% higher than BTC network fees. Data stemming from the website l2fees.info are a bit more modest in comparison to bitinfocharts.com’s metrics. At the time of writing, to move ethereum it’ll cost $18.45 per transaction.

The cost to transfer Ethereum-based tokens and swap tokens via a smart contract is much higher. The transfer of token fee according to l2fees.info on Saturday is $43.13 per transaction and over $94 to swap tokens by interacting with a smart contract. The lowest ether transaction fee of $18.45 is still 485% higher than the average BTC transfer today.

Second-Layer Ether Transaction Costs and Swap Token Fee Estimates


Moving ethereum with a second-layer mechanism like Arbitrum or Polygon Hermez is much cheaper to use than onchain ETH transfers on the main network. At press time, Polygon Hermez-based ether transactions cost around $0.25 per transfer, while Loopring’s Zkrollup L2 solution is $0.74. Zksync will cost a user $1.03 per send and leveraging Arbitrum One is around $4.21. The EVM-compatible Optimistic Rollup chain Optimism’s fees today are $4.31 per transaction.


Using Loopring to swap tokens on Saturday is also cheaper than the $94 average cost using Ethereum’s mainnet. Loopring’s swap tokens cost is $1.07, Optimism’s fee to swap tokens is $5.54, and Arbitrum fees to swap tokens can cost $7.29 according to today’s metrics hosted on l2fees.info. As ETH has reached an all-time high, onchain fees are higher than usual following the Altair upgrade, which preps Ethereum for the next proof-of-stake (PoS) transition.


What do you think about Ethereum network fees rising in recent times? Let us know what you think about this subject in the comments section below.



Origina post from
http://motleybloggers.com/while-ethereum-prices-skyrocket-ether-gas-fees-surge-fueling-costly-transfers/

Comments

Post a Comment

Popular posts from this blog

US Senator Urges Congress to Pass Her Crypto Bill — Claims It Would’ve Prevented FTX Bankruptcy

http://motleybloggers.com/wp-content/uploads/2022/11/us-senator-urges-congress-to-pass-her-crypto-bill-claims-it-wouldve-prevented-ftx-bankruptcy.jpg U.S. Senator Cynthia Lummis believes that the FTX bankruptcy wouldn’t have happened under the Lummis-Gillibrand crypto bill. She stressed: “It’s clearer now than ever before that we need comprehensive regulation in the digital asset space.” Senator Lummis Explains How Her Crypto Bill Would Prevent the FTX Catastrophe U.S. Senator Cynthia Lummis (R-WY) explained in a series of tweets Monday why the collapsed cryptocurrency exchange FTX wouldn’t have gone bankrupt had Congress passed her crypto bill. The cryptocurrency trading platform filed for bankruptcy last week. The senator from Wyoming has been a supporter of bitcoin for quite some time. She personally owns BTC and believes that bitcoin is something that the Federal Reserve should hold on its balance sheet. She has said repeatedly that the cryptocurre...
Post a Comment
Read more

Bitcoin, Ethereum Technical Analysis: ETH Back Under $2,000 as Balenciaga Gains Lose Steam

https://motleybloggers.com/wp-content/uploads/2022/05/bitcoin-ethereum-technical-analysis-eth-back-under-2000-as-balenciaga-gains-lose-steam.jpg Following strong gains to start the week, BTC once again fell under $30,000, as crypto prices moved lower on Tuesday. The downturn follows up from yesterday’s rally, which came as Balenciaga announced it would be accepting crypto payments. ETH also dropped, falling under $2,000 today. Bitcoin Bitcoin fell under $30,000 on Tuesday, as bears returned to action following a green start to the week. Following a high of $30,547.50 during Monday’s session, BTC /USD fell to an intraday low of $28,975.56 earlier today. Today’s drop saw BTC fall by over 5% in the day, as bullish sentiment following the Balenciaga crypto announcement faded. BTC /USD – Daily Chart Since then, bears have now pushed prices closer to support at $28,800, which is an area where BTC has resided over the past few weeks. Looking at the chart, the 14-da...
Post a Comment
Read more

P2P Bitcoin Traders in Nigeria Think Outside the Box in the Wake of CBN Restrictions

After the Central Bank of Nigeria issued a directive targeting the country’s cryptocurrency industry, bitcoin and altcoin trade volumes on centralized exchanges immediately plunged. Nevertheless, the new regulations seem to have succeeded in boosting crypto trade volumes on informal markets or on peer-to-peer trading platforms. Nigerian Crypto Traders Get Creative Still, the increasing trades on informal platforms have also led to increased reports of users losing money to con artists. Moreover, with the CBN seemingly eager to see volumes of crypto trades plummet, Nigerian users had to find ingenious but legal ways of getting around the central bank’s imposed restrictions. As shown in one local report , one such legal way is through an app created by one local crypto start-up, Patricia. According to the report, this application is already enabling Nigerian users to buy or sell their crypto assets securely and without running afoul of CBN regulations. Therefore, in this repor...
Post a Comment
Read more