PANews reported on December 31st, citing Cointelegraph, that Ethereum's mainnet saw a record 2.2 million transactions in a single day this week, while average transaction fees dropped to just 17 cents. Ethereum's highest transaction fees were recorded in May 2022, when users had to pay over $200 per transaction. However, despite continued network usage growth, ongoing upgrades have significantly reduced fees. Fees have been trending downwards since October 10th, when fees were approximately $8.48 due to a major liquidation event that caused a sharp market downturn.