A balancing act of growth and costs -
A balancing act of growth and costs -
Ethereum's gas fees have risen by 13.71 % in the past two weeks, with the average fee of $ 4.52 per transaction per transfer on February 3, 2023. Since the demand for the skills of Ethereum continues to increase, it remains to be seen whether these increasing fees will ultimately hinder its growth.
The gas fees from Ethereum continue to rise
with a value of $ 1,701 per coin reached on Thursday, February 2, 2023, has reached new heights this year. Despite the increase in the token value of Ethereum, however, the costs for sending the cryptocurrency onchain have also increased.
On January 18, 2023, data from BIINFOCHARTS.com showed an average transfer fee of 0.0029 ETH or $ 4.52 per transaction. Just 15 days later, the transfer fee had increased to 0.0031 eth or per transaction .
The average fee for transactions was around $ 1.96 per transaction on January 18, 2023 and rose by 20 % to $ 2,36 per transaction on February 3, 2023. is now 0.0014 eth .
transactions on Openea currently cost around $ 3.89, while a decentralized exchange (DEX) costs around $ 10.02 per transaction. In the Ethereum network, the transaction costs with an ERC20 token such as Z Usdt or USDC will be about February 3. Transfer.
Exploration of L2 alternatives: Ethereum transactions vs. Optimism and arbitrum networks
according to Dune Analytics Data are the average costs for sending transactions with the Ethereum scaling solution about $ 0.288 per transaction, while L2 scaling network Arbitrum on February 3 about $ 0.182 per transfer.
The combined number of L2 transactions with Arbitrum and Optimism has decreased since January 15, 2023. Two days ago, on February 1, 2023, Ethereum recorded 1.06 million transactions, while the combined number of transactions with Arbitrum and Optimism was 902.254
The data show that the costs for the transfer of 1.06 million transactions to Ethereum would be $ 2.49 million per transaction. However, if the same transactions were postponed to a set of $ 0.288 per transaction, the fees would cost $ 307,680, which is 87.67 % lower.
If the transactions were postponed to a fee rate of $ 0.182 per transfer to Arbitrum, the costs would be $ 193,720, which corresponds to a reduction of 92.19 % compared to Ethereum. While Ethereum recorded 1.06 million transactions with much higher costs, Optimism had 212,743 transfers and arbitrum 689,511 transactions.
What do you think about the increase in Ethereum gas fees and the possible effects on its growth? Share your thoughts on this topic in the comment area below.
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