Ethereum Gas Fees Skyrocket Despite Woeful Price Performance

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Gas costs for Ethereum have recorded an alarming jump, rising 84% from $2.58 per transaction on October 8 to $4.75 for each transaction on October 10. Since August 11, 2022, or around 61 days ago, Ethereum costs have not surpassed $4.

According to data from bitinfocharts.com, the average transfer price for October 10 was $2.2 per transaction. The high priority cost today is approximately 27 gwei, or $0.62 per transaction, according to Etherscan.io’s gas tracker, which also indicated an increase in gas fees.

According to etherscan.io’s gas tracker, rates were lower before The Merge, with a high priority charge of about 11 gwei, or $0.34 per transfer, as of 6 weeks ago, or on August 28, 2022. High-priority transfers have fees of about $0.62, although switching and relocating an ERC20 token can cost more.

In comparison to August 28, when an Opensea sale cost $1.17 for each transaction, it now costs $2.13 per transaction. A Uniswap exchange currently costs an estimated $5.49, compared to $3.03 44 days ago.

Ethereum On-Chain Transfer Statistics Remain Low

Today, August 18, the cost of sending an ERC20 token like USDT or USDC is $1.61, compared to $0.89 on August 18. Compared to Ethereum’s on-chain transfer statistics, layer two (L2) fees remain significantly less expensive.

ETH transfers via Metis Network cost about $0.01, while those via Loopring cost $0.02. The cost to transfer ETH using Zksync, Arbitrum, and Optimism will all be around $0.03, with Optimism currently being a little more expensive at $0.10.

The Aztec network charges about $0.25 per transfer, while the Boba network charges about $0.15. Depending on the L2 used, the cost to switch an ERC20 via an L2 protocol might range from $0.05 to $0.32.