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At the time of writing, that tracking website shows the ETH transaction fee for a basic transaction is only $2.51. This gas fee decline is even lower according to Etherscan.io, which tracks the actual activity across the ETH network.
![blockchain wallet transaction fee blockchain wallet transaction fee](https://bitpay.com/blog/content/images/2017/05/insight-block-explorer-1.png)
It hasn't been this low since August 2021. Arcane now estimates the price of a token swap on Ethereum to be around $15. Ethereum has had historically high gas fees since last summerĭuring the middle of 2021, transaction fees on the ETH network had spiked as much as 470% compared with earlier in the year due to congestion on the network from the Dogecoin craze and NFT mania at the time.Īccording to a report from Arcane Research issued this week, the mean transaction fee was above $50 on many days last year, while the cost of making more complicated token swaps was well over $200. For example, a basic wallet-to-wallet transfer is a simple and low-cost operation, while heavier computational tasks such as token swaps or minting non-fungible tokens (NFTs) require more resources and bandwidth - thereby higher fees. The more complex and faster the transaction the more it will cost.
![blockchain wallet transaction fee blockchain wallet transaction fee](https://localbitcoins.com/cached-static/img/guides/faq/howto_send_001.87121bde6fd7.png)
That's because every interaction on the Ethereum blockchain demands a certain amount of computational resources from the network.īased on the complexity of the transaction and how quickly the user wants the transaction settled, the gas fee changes. Explaining Ethereum gas feesĮvery time an operation occurs on Ethereum's network, a transaction fee - also known as a gas fee to help speed the transaction along - is incurred. consumers are feeling pain at the pump to gas up their cars, cryptocurrency traders are feeling relief as Ethereum (ETH) "gas" fees per transaction are at their lowest levels in months. Check out The Ascent's cryptocurrency apps for 2022