Ethereum Network's Rising Gas Fees in 2023: A Balancing Act of Growth and Cost – Bitcoin News

Transacting on Opensea currently costs around $3.89, while a decentralized exchange swap costs around $10.02 per transaction. On the Ethereum network, the cost to transact with an ERC20 token such asExploring L2 Alternatives: Ethereum Transactions vs. Optimism and Arbitrum Networks, the average cost to send transactions using the Ethereum scaling solution Optimism is approximately $0.288 per transaction, while the L2 scaling network Arbitrum is around $0.182 per transfer on Feb. 3.

The combined number of L2 transactions using Arbitrum and Optimism has decreased since Jan. 15, 2023. Two days ago, on Feb. 1, 2023, Ethereum recorded 1.06 million transactions, while the combined number of transactions using Arbitrum and Optimism was 902,254. Data shows that the cost to transfer 1.06 million transactions on Ethereum at a median rate of $2.36 per transaction would be $2.49 million. However, if these same transactions were moved to Optimism at a rate of $0.288 per transaction, the fees would cost $307,680, which is 87.67% lower.

If the transactions were moved to Arbitrum at a fee rate of $0.182 per transfer, the cost would be $193,720, a 92.19% decrease compared to Ethereum. While Ethereum recorded 1.06 million transactions with a much higher cost, Optimism had 212,743 transfers and Arbitrum had 689,511 transactions.

Hope they will find soon way to reduce gas fees

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