For 38 days, Ethereum’s layer one (L1) onchain transaction fees have dropped significantly and tumbled even lower by the end of July.
’s supply growth jumps by 5.5 million per year, EIP-1559’s deflationary burn mechanism destroys around 0.2 million ether annually.
Since EIP-1559’s inception, traditional ethereum transactions equaled approximately 156,422,214 transactions and roughly 649.79 ether was destroyed during the last 24 hours fromL2 Fees Offer Cheaper Ethereum Transfer Alternatives As far as layer two transactions are concerned, fees via L2 are much cheaper than L1. At the time of writing, Loopring and Zksync offer the cheapest L2 alternatives. Loopring fees are $0.01 per transaction, while Zksync fees are also a U.S. penny in value per transaction. The cost to swap tokens using these L2 platforms can cost a touch more, as the estimated Zksync swap fee is $0.02 today, but Loopring swapping fees are upwards of $0.42 per transaction.Optimism L2 gas costs are roughly $0.
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