Ethereum transactions were the most costly in May 2022 when fees were over $200 per transaction on average. They have been declining since.
The Ethereum mainnet clocked 2.2 million transactions in a single day in a new record this week, while fees have fallen to just 17 cents on average.
The layer-1 blockchain recorded its new transaction milestone on Tuseday, according to block explorer Etherscan. Transaction fees have also dropped considerably over time.
The highest transaction fees on Ethereum were recorded in May 2022, when users had to spend over $200 per transaction.
