What is the average transaction fee on the Ethereum network?
Ethereum transaction fees, or "gas fees," were quite volatile and could vary widely based on network demand. The cost of a transaction is determined by two factors: the gas price (measured in Gwei, or billionths of Ether) and the amount of gas needed for the transaction. Typically, simple Ether transfers use 21,000 gas, while more complex smart contract interactions can require much more gas. As of August 2023, the average transaction fee on Ethereum is around US$5.3