Following Ethereum’s transition from proof-of-work (PoW) to proof-of-stake (PoS) on September 15, the blockchain network’s transaction fees have been much lower than they were ten days before The Merge. Roughly 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 Remain Low Following The Merge
The cost to transact on the Ethereum network is cheaper post-Merge, as etherscan.io’s gas tracker indicates a high priority transaction on September 17, 2022, is around 8 gwei or $0.18 per transfer. 12 days ago on September 5, a high-priority ETH transfer was 14 gwei or $0.47 per transaction.
The fee metrics from etherscan.io indicate that today’s ETH transaction fees are more than 61% cheaper than they were 12 days ago. Moreover, Ethereum’s recent change from PoW to PoS has also caused a few fee aggregation web portals like bitinfocharts.com to publish erroneous fee data.
At $0.5888 per transfer, data from ycharts.com shows that the average ethereum (ETH) fee has also dropped since The Merge took place. The metrics show 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. Ycharts.com stats show on May 13, the average fee was $1.37 and it dropped 57.66% lower than the current average fee of $0.58 per transfer.
Data from archive.org indicates that etherscan.io’s gas tracker also shows ether fees were much higher 127 days ago in mid-May. At that time, a high priority transaction was 68 gwei or $2.97 per transfer to simply send ethereum, in comparison to today’s $0.18 high priority transfer.
Today, etherscan.io’s gas tracker shows an Opensea sale can cost $0.61 and four months ago it would have cost $28.58. A Uniswap decentralized exchange (dex) swap will cost $1.58 on September 17, but on May 13, it was roughly $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, it would cost a user roughly $7.65 per transaction to send an ERC20-based coin.
As Bitcoin.com News reported on many occasions in 2022, Ethereum’s data fees have been dropping steadily since mid-May. Data from the post-Merge aftermath indicates onchain ETH fees have continued to remain low.