Ethereum transaction fees fall 99% from all-time high

The average transaction fee on Ethereum has fallen 99% from its peak in November 2021, Cointelegraph reported, citing data from Token Terminal. According to Etherscan, the current transaction fee is 0.037 gwei, or less than $0.01. Gwei is the smallest denomination of ETH used for transaction fees, commonly known as gas fees, with one gwei representing one-billionth of an ETH.