Over the past few months, both Bitcoin and Ethereum users have noticed a noticeable drop in transaction fees. Ethereum’s network transfer fees, in particular, have fallen to such low levels that Etherscan, a leading Ethereum block explorer, has recently added decimal points to its gas tracker after fees dipped below 1 qwei.

Etherscan’s New Decimal Points: Just How Low Can Ethereum Gas Fees Go?

Currently, Ethereum’s onchain transaction fees are at a record low. Etherscan’s gas tracker shows that the highest transaction fee is around 4.399 gwei, or roughly $0.20. If you’re looking to make a decentralized exchange (dex) swap, it will set you back about $3.45. Listing a non-fungible token (NFT) costs approximately $5.83 for a high-priority transaction, while bridging costs are around $1.11, and borrowing tops out at $2.93 at its highest priority level.

Transaction fees have dropped to such an extent that Etherscan has introduced decimal points to its gwei gas figures. “Gas Tracker Decimal Points,” Etherscan wrote on X. “With gas prices dropping below 1 gwei recently, we’ve added 3 decimal points to the Gas Tracker for better accuracy.”

Etherscan added:

A base fee of 0.614 gwei in block 20496029 is the lowest recorded this past week!

A similar pattern is unfolding on the Bitcoin blockchain, with users now enjoying significantly lower fees for block space. Currently, the average transfer fee on Ethereum stands at 0.00035 ETH, or approximately $0.906 per transaction. The median-sized onchain fee on Ethereum is around 0.0001 ETH, translating to about $0.264 for transferring ETH. On Aug. 19, Ethereum’s 24-hour validator reward totaled $625,108, while Bitcoin miners raked in $52,983,378 in the same period. This means Ethereum’s daily reward distribution amounts to just 1.18% of Bitcoin’s daily earnings.

Source : Bitcoin News - Aug 19, 2024