26 days ago, Ethereum transitioned from a proof-of-work (PoW) network to a proof-of-stake (PoS) blockchain and after the switch, network fees remained low. This week, however, Ethereum gas fees have risen, as data from Oct. 10 shows the average fee peaking at $4.75 per transaction.
Average Ethereum Gas Fees Increase Over 80% in 3 Days
Ethereum gas fees have increased, jumping a further 84% from $2.58 per transaction on Oct. 8 to $4.75 per transfer on Oct. 10. Ethereum fees have not gone above $4 since August 11, 2022, or approximately 61 days ago.
Statistics from bitinfocharts.com indicate that the average transfer fee on October 10 is $2.2 per transfer. The Etherscan.io gas tracker also shows an increase, with the current high priority fee being around 27 gwei or $0.62 per transfer.
44 days ago or August 28, 2022, the etherscan.io gas tracker shows that fees were lower before The Merge, with a high priority fee hovering around 11 gwei or $0.34 per transfer. While the fees are around $0.62 for a high priority transfer, exchanging and moving an ERC20 token can cost more.
An Opensea sale costs $2.13 per transaction today, when it was $1.17 per transaction on August 28. A Uniswap trade is estimated to cost around $5.49 and 44 days ago it was around $3.03.
Sending an ERC20 token as 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 on-chain transfer stats.
Metis Network costs 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 slightly more expensive today at $0.10 per transfer.
The Boba network costs around $0.15 per transaction and the Aztec network costs around $0.25 per transfer. The cost of exchanging an ERC20 using an L2 protocol can range from $0.05 to $0.32 depending on which L2 is chosen.
Since The Merge on September 15, while ETH fees have increased, block times have been faster than before the transition, but only by milliseconds. Pre-merge lock times show 0.244 minutes, while post-merge lock intervals are 0.201 minutes or 17% faster than before September 15.
While many people assumed that gas fees would be cheaper after The Merge, the Ethereum Foundation emphasized long before the transition that The Merge upgrade would not affect gas fees and performance.
“The merger deprecates the use of proof-of-work, the transition to proof-of-stake by consensus, but does not significantly change any parameters that directly influence network capacity or performance,” the Ethereum Foundation said on Aug. 16. .
What do you think about the increase in Ethereum gas fees? Let us know what you think about this topic in the comments section below.
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