How to properly determine the gas price for transactions in the Ethereum network?
I would like to ask you how to best set the gas price for the Ethereum transaction so that the transaction is not too expensive and is not rejected and is verified relatively quickly. Thanks for any advice
I would like to ask you how to best set the gas price for the Ethereum transaction so that the transaction is not too expensive and is not rejected and is verified relatively quickly. Thanks for any advice
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3 answers
Gas prices on Ethereum are constantly changing because the token senders are on time and are increasing the amount of gas. If you want to send transactions quickly and successfully follow Ethereum Gas Tracker https://etherscan.io/gastracker and select the right amount of Gwei in real time.
Gas prices on Ethereum are constantly changing because the token senders are on time and are increasing the amount of gas. If you want to send transactions quickly and successfully follow Ethereum Gas Tracker https://etherscan.io/gastracker and select the right amount of Gwei in real time.
Machine translated
You have to pay for the computation whether your transaction is successful or not. Even if it fails, miners need to approve and execute your transaction (calculate) and therefore you have to pay for that calculation just like you would pay for a successful transaction.
Ether (ETH) is the fuel for this network. When you send tokens, interact with a contract, send ETH, or do anything else on the blockchain, you have to pay for that calculation. This payment is calculated in gas and gas is paid in ETH.
Total Transaction Cost = Gas Limit * Gas Price
Usually, if someone just says "gas" that is talking about "gas limit".
Think of the Gas Limit as liters / gallons / units of fuel for your car.
In the case of a car, it is $ 2.50 (price) per gallon (unit).
In the case of Ethereum, it is 20 GWEI (price) per gas (unit).
To fill your "tank" you need ...
10 gallons at $ 2.50 = $ 25
21,000 units of gas at 20 GWEI = 0.00042 ETH.
Hence, the total TX charge will be 0.00042 Ether.
Sending tokens usually costs from ~ 50,000 gas to ~ 100,000 gas, so the total TX fee increases to 0.001 ETH - 0.002 ETH.
You have to pay for the computation whether your transaction is successful or not. Even if it fails, miners need to approve and execute your transaction (calculate) and therefore you have to pay for that calculation just like you would pay for a successful transaction.
Ether (ETH) is the fuel for this network. When you send tokens, interact with a contract, send ETH, or do anything else on the blockchain, you have to pay for that calculation. This payment is calculated in gas and gas is paid in ETH.
Total Transaction Cost = Gas Limit * Gas Price
Usually, if someone just says "gas" that is talking about "gas limit".
Think of the Gas Limit as liters / gallons / units of fuel for your car.
In the case of a car, it is $ 2.50 (price) per gallon (unit).
In the case of Ethereum, it is 20 GWEI (price) per gas (unit).
To fill your "tank" you need ...
10 gallons at $ 2.50 = $ 25
21,000 units of gas at 20 GWEI = 0.00042 ETH.
Hence, the total TX charge will be 0.00042 Ether.
Sending tokens usually costs from ~ 50,000 gas to ~ 100,000 gas, so the total TX fee increases to 0.001 ETH - 0.002 ETH.
Machine translated
Machine translated