Gas is a unit of measure for the computational effort required to input a set of commands into a network. The whole concept of gas fees is necessary to reduce spam on the network, as is the repeated movement of cryptocurrencies from one wallet to another. These transactions disrupt the network, but gas fees do not allow these transactions to occur indefinitely. The specific amount of gas depends on the type of command on the network, but for regular transactions it is measured by multiplying the total amount of gas for that transaction by the amount per gas.
There are two main parts to gas fees: priority fees and base fees.
- that much basic fee Minimum amount of gas that must be paid, this value is set by the protocol.
- that much priority fee This is an additional fee set by the user. This fee is important because it determines how long it takes for a transaction to be executed.
- The larger the fee, the more likely a validator will choose to execute the transaction, but the smaller the fee, the longer it will take to execute (Note: This system describes Ethereum. Other cryptocurrencies may be different. )
This base fee is calculated based on a formula that compares previous blocks. Additionally, a base rate of up to 112.5% of the current base rate is applied. When setting fees, users can also set the maximum fee they are willing to pay. This fee is greater than the base fee plus the tip, and the user is refunded the difference between the maximum fee and the base fee plus the tip.
To summarize, there are two parts to gas fees: the base fee and the priority fee. The default fee is determined by the protocol, while the preferred fee is set by the user. The base fee varies depending on the protocol and can increase up to 112.5% of the current base fee. Priority fees determine the speed at which transactions are executed, with higher fees being faster and lower fees being slower.
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gas and fees
What are gas fees?
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