The Etherium blockchain doesn’t rest, but people do – and this suggests that the time of day can be utilized to one’s interest to pay cheaper transaction fees.
“In order to save on gas prices, the best time is to submit our transaction is the early weekend morning Singapore time and the worst time is on Thursdays at around 8 PM [12 PM UTC], Singapore time,” as mentioned by the Chief Scientist at blockchain startup DEXTF, Marco Marchioro.
Marchioro remarked that there are more numerous transactions during the Asian daytime, indicating that one can save on gas prices if they wait for the daybreak in Asia. The author expressly considered Singapore as “one of the most vibrant places for companies in the DeFi space.”
Accordingly, on average, the best time to conserve on fees is to submit transactions within 2 AM (18:00 UTC) and 8 AM (midnight UTC) Singapore time. Moreover, “the worst time during the week for gas prices is observed on Thursdays at UTC noon or 8 PM in Singapore.”
The article affirmed that there is a specific average excess during the weekdays, while the gas-price excess stays negative for most of the weekend, with small positive peaks at 14:00 and 15:00 UTC on both days.
“This means that in order to save on gas, on average, it is better to wait for the weekend to submit transactions to the Ethereum blockchain.”
“With the growing presence of sleepless and unfaltering bots, and the fast evolution of artificial intelligence, we expect to observe in the years to come less and less hourly or weekly periodicity on transactions in all blockchains,” DEXTF’s Marchioro stated.
Meantime, crypto manager George Harrap added that “Crypto’s rise has been dependent on Asia since the beginning of Mtgox in Japan.”