The settlement efficiency of the Bitcoin network has steadily improved in the past, with more settlements at lower fees.
Over the past week, the Bitcoin network has transferred or paid an average of $ 95,142 per $ 1 in commission.
The efficiency of online settlements has gradually improved since May, as more people navigated the network during the bull cycle.
Network analyst Dylan LeClair made the observation using data from analytics provider Glassnode. The value is obtained by dividing the average transaction volume by the commission.
The final estimated cost was only 0.00105% of the total translated value of $ 451.3 billion.
According to CryptoFees, Bitcoin is the seventh most requested network in terms of daily transaction fees. On average, seven days cost around $ 678,000, behind Ethereum, Uniswap, Binance Smart Chain, SushiSwap, Aave, and Compound.
The fee tracking platform currently notes that Ethereum currently handles $ 53 million in daily fees, up 98.7% over the Bitcoin network. Bitcoin and Ethereum should not be compared in terms of cost and commission calculations, because they are two different entities: the first is a stock of valuable assets, and the second is a smart contract and a decentralized application network.
The average Ethereum transaction volume divided by commission is just $ 139 for every dollar in commission.
Settlement efficiency on the Ethereum network has declined as the network has gained more value and demand has increased, especially with the use of DeFi and NFT over the past 18 months.
Related: Bitcoin Network Attracts Higher Daily Settlement Volume
According to Bitinforcharts, the average transaction fee on the Bitcoin network is currently around $ 2.13. By comparison, the average Ethereum network fee is $ 42.58. As Cointelegraph reported yesterday, bitcoin transaction fees have dropped more than 50% this year.
The difference in average transaction fees between the two networks may widen from the end of July.
Average commission for BTC and ETH tx, 6 million – Bitinfocharts.com
According to L2beat, the charging problems of the Ethereum network can be circumvented by using Layer 2 networks, which have increased in use over the past two months with a total cost of nearly $ 6.87 billion.