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Ethereum L1 txs hit 2.2M in a day, and each one cost around 17 cents
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.
However, continued upgrades have dropped fees considerably, despite continued growth of the network’s usage.
Fees have also been on the decline since Oct.10, when they were around $8.48, during the significant liquidation event that saw the entire market bleed.