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Ethereum Transaction Fees Steadily Declines After a 625% Spike

Chuls Brown
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Following a 625 percent spike, Ethereum transaction fees are steadily decreasing.

The average network cost on Ethereum (ETH) increased by 625 percent between mid-March and early April, going from $5.98 per transaction to $43.41 on April 5. The network fees, on the other hand, came to a halt after that and have continued to fall since then.

The average cost of sending Ethereum on-chain via layer two (L2) on the Ethereum network is 0.0034 ETH or $10.32 per transfer as of yesterday. Meanwhile, the average transaction costs 0.0011 ETH, or $3.47. When compared to those prepared to pay the average charge, network customers who pay median-sided fees save 66.37 percent.