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Difference between revisions of "Gas fees"
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Since in a blockchain each node must independently execute every transaction, it is important to limit the amount of computational effort required from the nodes. | Since in a blockchain each node must independently execute every transaction, it is important to limit the amount of computational effort required from the nodes. | ||
In EVM-based blockchains each transaction has a gas cost, which is defined by its complexity and its needs for storage. | In EVM-based blockchains each transaction has a gas cost, which is defined by its complexity and its needs for storage. | ||
Each transaction has a minimum gas cost of 21 | Each transaction has a minimum gas cost of 21,000 gas, to which more is added as the transaction gets more complicated. | ||
For example, a swap on [[Uniswap]] costs about 190 | For example, a swap on [[Uniswap]] costs about 190,000 gas, an [[ERC20]] token transfer costs about 65,000 gas, adding liquidity in a Uniswap v3 pool costs about 220,000 gas. | ||
When sending out a transaction, the user (or more commonly the wallet) sets a '''gas limit''', which is the maximum amount of gas the transaction is allowed to spend. If the transaction ends up spending less gas, the user gets a '''refund'''; if it ends up needing more gas, the transaction is reverted and the gas is '''not refunded.''' | When sending out a transaction, the user (or more commonly the wallet) sets a '''gas limit''', which is the maximum amount of gas the transaction is allowed to spend. If the transaction ends up spending less gas, the user gets a '''refund'''; if it ends up needing more gas, the transaction is reverted and the gas is '''not refunded.''' | ||
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# The other is the tip, which is variable and set by the user, depending on how fast they want their transaction included, and it goes entirely to the block producer. | # The other is the tip, which is variable and set by the user, depending on how fast they want their transaction included, and it goes entirely to the block producer. | ||
These fee add up to be the final gas price which is then multiplied by the transaction gas cost to obtain the final transaction fee. | These fee add up to be the final gas price which is then multiplied by the transaction gas cost to obtain the final transaction fee. | ||
== See More == | |||
[https://dune.com/hildobby/Gas All About Ethereum Gas Dashboard] by [https://twitter.com/hildobby_ @hildobby_] | |||
[https://owlracle.info/eth Owlracle] is a multichain Gas Price tracker API | |||
[https://www.useweb3.xyz/gas Ethereum Gas Tracker] is a tool by [https://www.useweb3.xyz/ UseWeb3] | |||
[[Category:Glossary]] | |||