Ethereum fees on Layer 2 chains have experienced a massive drop following the general reduction of transaction fees on the Ethereum network.
According to Gasprice.io, Ethereum users now make large transactions of ETH with as low as $0.1 transaction fees.
As highlighted by Gasprice.io, ZKSync allows ETH transactions for less than $0.1, while swaps cost about $0.16 each. The average cost of moving ETH on other Layer chains now stands around $0.5.
Read Also: Ethereum (ETH) Donations to Ukraine’s Government Rapidly Increase after Airdrop Announcement
A Web3 investor, Evan Van Ness, who shared the information with the Ethereum community some hours ago, said this is expected to keep getting better.
Evan Van Ness tweeted, “Right now is an excellent time to move to layer2 Ethereum. And it will only get better over the next ~12 hours.”
At the moment, Ethereum allows sending funds for 12 Gwei on the main network. Such a drop in transaction fees can be attributed to a decrease in network activity.
It’s widely known that users on the Ethereum network had to pay high fees to initiate transactions on the blockchain due to unavoidable congestions.
The major cause of the massive surge in transaction fees on the Ethereum network were non-fungible tokens (NFTs) and decentralized finance (DeFi) sectors. Now that the popular sectors are experiencing a massive loss in volume due to the recent unfavorable price trends, congestion on the Ethereum network has decreased.
Going by the data provided by decentralized tracking services, such as DappRadar and DeFiLIama, the arguably largest Ethereum-based NFT marketplace, OpenSea, is facing a relatively 50% decline in trading volume following issues related to security.
Follow us on Twitter, Facebook, Telegram, and Google News
In a recent appearance on the Thinking Crypto podcast, Ripple Chief Executive Officer Brad Garlinghouse…
A Solana millionaire has drawn attention to an altcoin trading under $0.10, claiming it has…
The cryptocurrency market experienced significant volatility over the past 24 hours as XRP's value declined…
In a recent post on X, EGRAG CRYPTO provided a compelling comparison between XRP and…
Solana (SOL) and Ripple (XRP) have long appealed to crypto whales for their scalability and…
In a recent interview with Bloomberg, Ripple CEO Brad Garlinghouse shared his insights on the…