Friday, December 3

See which time Ethereum transactions are cheaper

As Ethereum’s transaction fee soars, many users prefer to use other blockchains like Binance Smart Chain and Solana. However, sometimes you are forced to use Ethereum because it is the only alternative available.

The report below, made by Coin Metrics, can help you save a lot of money in fees. The study points out that the most expensive peaks occur during US business hours, between 9 am and 5 pm.

While the portfolios currently show the recommended rate, you can use other sites to track this metric. No need to open your wallet at all times to check how much you will spend on the transaction, having more security and convenience.

Best days and times to send Ethereum and tokens

As the rates work like an auction, where the highest ones enter the next block, times and days of more usage have more expensive rates.

The Coin Metrics study points out that the US business hours are the one with the greatest use of Ethereum. In other words, from Monday to Friday between 9 am and 5 pm in the US, due to the 2-hour time difference, in Brazil this time is between 11 am and 7 pm.

Best time to send Ethereum. Source: Coin Metrics

That said, the best days to send Ether and tokens are on weekends, especially Sunday. In a matter of time, the best is at dawn and early morning.

Transaction can be confirmed later.

It is also worth remembering that you can use a cheaper rate than the currently recommended rate and have it stand in line, being confirmed later when the network is less overloaded.

However, it is important to note that if the fees do not fall to the amount you stipulated, your transaction will be stuck indefinitely. That is, while we can get an idea of ​​past rates, it is impossible to determine precisely how they will be in the future. Try to use the recommended rate.

How to choose the Ethereum rate

Although Ethereum wallets show the current recommended rate, you can use other sites to check the current status of the network without having to open your wallet. Matter of safety and practicality.

Recommended rates by ETH Gas Station and EtherScan

Two recommended sites are the ETH Gas Station it’s the EtherScan, note that they show differences in values ​​as they use different metrics. Despite this, you can get an idea of ​​how long it takes for your transaction to be confirmed.

Another useful tool of the ETH Gas Station is its calculator, where you select the gas, the more complex the transaction, the higher this value will be, for ETH transfer it is 21,000 and should not be changed. Next, we have the gwei, a unit equivalent to 0.000000001 ETH, which is multiplied by the gas (gas * gwei = transaction cost in ETH).

Comparison of current rates vs best time.

In the comparison above we show the difference of fees paid in the current time in relation to the time where the cost is 60 gwei. The first shows a fee of ~15 dollars (R$85) and the second of ~5 dollars (R$30), a great savings, especially for those who need to transfer small amounts or frequently.

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