Onchain Ethereum Fees Remain Low Ahead of the Merge, 4 L2 Networks Offer Transfers Below a Nickel

August 16th, Ethereum Foundation published a blog post that was previously published to clarify that the Merge would not lower gas fees or improve throughput. Although The Merge is still two weeks away Ethereum gas fees are much lower than they were in June.

In the middle of June Ethereum’s average gas fee dropped from $3.86 per transaction, to 0.00086 Ethereum or $1.46 for each transfer. This was during the first week in August. According to bitinfocharts.com , the average fee for gas is currently 0.00092ether or $1.37 per transaction.

Bitinfocharts.com metrics also show that Sunday’s median Ethereum fee was 0.00036 Ethereum or $0.544 per transaction. According to the dedicated gas tracking tool, Etherscan.io data, gas prices are lower.

At 4:30 p.m. (EST), August 28, 2022 the highest ‘priority gas fee according to Ethereumscan.io was 11 gwei, or $0.34 per transaction. Opensea settlements will cost $1.17 per transaction. A Uniswap transaction will cost $3.03 per user using priority transfer settings. To send an ERC20 token such as tether ( UST), etherscan.io estimates that the transaction cost will be around $0.89.

ETH fees may be lower than bitcoin’s Bitcoin average transfer fees, 0.000039BTC or $0.785 for every transaction on Sunday. The Bitcoin blockchain’s median fees are 0.000013 BTC or $0.258 for each transaction. This is lower than Ethereum’s median transfer fees.

ETH miners received $41,107,170 block rewards and BTC miner got $35,976,600 block rewards plus transaction fee. It is still cheaper to transact using Ethereum-compatible layer 2 (L2) payment rails, despite the fact that onchain Ethereum data fees have fallen a lot.

Metis Network charges the lowest transfer fees today, l2fees.info states that to transfer Ethereum via Metis costs $0.01 per transfer and $0.06 per transaction to swap Bitcoins via Metis. Loopring transactions will cost $0.03 per transfer. To trade via Loopring, the estimated cost of L2 is $0.37 per transaction.

L2 fees via Zksync and Arbitrum, Boba Networks, Optimism or Aztec Networks, Polygon Hermez, and Optimism are all lower than the onchain transfer fees. These swap fees are lower than traditional trades on decentralized exchanges (dex), such as or Uniswap.