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Ethereum’s Post-Merge Transfer Fees Remain Low, Since Mid-May High-Priority ETH Fees Are 93% Cheaper

Ethereum’s Post-Merge Transfer Fees Remain Low, Since Mid-May High-Priority ETH Fees Are 93% Cheaper

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Since Ethereum switched from proof-of-work (PoW) to proof-of-stake (PoS) on September 15, transaction fees on the blockchain network have been much lower than ten days before The Merge. About four months ago on May 13, 2022, high priority ether transactions could cost 68 gwei or $2.97 per transaction, and today at $0.18 a high priority ether transaction is 93% cheaper.

Ethereum fees will remain low after the merger

The cost of trading on the Ethereum network will be cheaper after the merger, as etherscan.io’s gas tracking shows an important event on September 17, 2022, at around 8 gwei or $0.18 per transaction. 12 days ago on September 5th, a high priority ETH transfer was 14 gwei or $0.47 per transaction.

Etherscan.io’s fee measurements show that today’s ETH transaction fees are over 61% cheaper than 12 days ago. In addition, Ethereum’s recent shift from PoW to PoS has also caused a few payment aggregation portals such as bitinfocharts.com to post incorrect payment information.

At $0.5888 per transaction, data from ycharts.com shows that the average ethereum (ETH) fee has also decreased since The Merge. Metrics show that the average transaction fee on the ETH network on September 14 was $0.6293 per transaction, and on the day of the merge, fees rose to $0.9812 per transaction.

Ethereum gas fees are also 93% lower than they were four months ago on May 13, 2022. Statistics from Ycharts.com show that on May 13, the average fee was $1.37, down 57.66% from the current average of $0.58 transfer fee.

Archive.org data shows that etherscan.io’s gas tracker also shows that ether fees were much higher 127 days ago in mid-May. At the time, a high-priority transaction was 68 gwei or $2.97 per transfer simply to send ethereum, compared to the current high-priority transfer of $0.18.

Today etherscan.io’s gas tracking shows that the Opensea discount can cost $0.61 and four months ago it would have cost $28.58. Uniswap decentralized exchange (dex) costs $1.58 on September 17, but on May 13 it was around $26.07.

Sending an ERC20 token like tether (USDT) or usd coin (USDC) is also cheaper today at $0.46 per transaction. But 127 days ago, sending an ERC20-based coin cost a user about $7.65 per transaction.

As Bitcoin.com News reported several times in 2022, Ethereum data fees have been steadily decreasing since mid-May. Post-merger data shows that onchain ETH fees have remained low.

What do you think about the post-merger stats that show ether fees still remain low? Let us know what you think about this topic in the comment section below.

Source: Bitcoin.com



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