The Bitcoin network's value settlement efficiency has been improving steadily recently, with more than existence settled for lower fees.

Over the past week, the Bitcoin network has transferred or settled an boilerplate of $95,142 of value for every $1 worth of fees.

The on-chain settlement efficiency has been gradually increasing since May as more than has been moved effectually the network during the balderdash bicycle.

On-chain analyst Dylan LeClair made the ascertainment using data from analytics provider Glassnode. The value is derived by dividing the mean transaction volume by the fees.

The terminal settlement costs amounted to simply 0.00105% of the total value transferred of $451.3 billion.

According to CryptoFees, Bitcoin is 7th in the list of networks ordered past daily transaction fees. Its seven-mean solar day average is around $678,000, which puts information technology behind Ethereum, Uniswap, Binance Smart Chain, SushiSwap, Aave and Compound.

The fee tracking platform reports that Ethereum is currently processing $53 million in daily fees, 98.vii% more than the Bitcoin network. Bitcoin and Ethereum should not be compared in terms of value settlement and fees equally they are two different entities — the former is a store of value asset and the latter a smart contract and decentralized awarding network.

Ethereum'southward mean transaction volume divided by the fees comes out at only $139 in value transacted per dollar in fees.

The settlement efficiency of the Ethereum network has declined as more value has accrued to the network and a much greater demand has been put on information technology, especially with the ascension of DeFi and nonfungible tokens (NFTs) over the past xviii months.

Related: Bitcoin network tags record loftier for daily settlement volume

According to Bitinforcharts, the boilerplate transaction fee on the Bitcoin network is around $two.13 at the moment. Comparatively, the Ethereum network's average fee is a whopping $42.58. Equally reported past Cointelegraph on Monday, Bitcoin transaction fees are down by more than 50% this year.

The divergence in average transaction fees between the two networks can be seen widening from the end of July.

Average BTC and ETH tx fees, 6M - Bitinfocharts.com

Ethereum's network fee woes tin be circumvented by using layer two networks, which take surged in adoption over the past couple of months with a near all-time high total value locked of $6.87 billion, according to L2beat.