Transaction fees on different blockchains, how to lower them, and how to adjust in your crypto wallet in a few taps.
What are transaction fees on a blockchain?
A transaction fee is the amount of crypto that you pay to the network as compensation for processing their transaction on the blockchain. When you initiate a transaction, for example, send 1ART to your friend, the transaction needs to be verified and added to the blockchain ledger by network nodes.
https://oneart.digital/en/blog/what-is-a-blockchain-how-does-it-work
Why do you have to pay fees?
https://oneart.digital/en/blog/what-is-ethereum-how-does-it-operate
How are fees calculated?
The way fees are calculated and the cryptocurrency they’re paid in depends on the network. Let’s check some of the popular ones.
Ethereum
Gas used * (base fee + tips) = fee you pay in total.
- A typical ether transfer uses 21,000 units of gas.
- The base fee depends on that from the previous block.
- Tips (priority fees) depend on how much you’re willing to pay to make validators confirm your transaction faster.
BSC
Avalanche
Source: Avalanche
Fees on the C-Chain vary due to the network activity: they increase when the network is overloaded and vice versa.
Polygon
Polygon gas fees are also denoted in Gwei. 1 GWEI = 0.000000001 MATIC.
Your fee = (base fee + tip) x limit. As a rule, a limit of 21,000 units is enough.
Fantom
Why are crypto gas fees so high?
Fees vary due to network congestion, transaction size, and the transaction speed you choose. It works like Uber: the higher the demand, the higher the price.
Ethereum fees have lowered since the Merge, but it still tops the chart in terms of prices:
Source: Cryptoneur
How to lower Ethereum and/or other blockchain fees?
- Choose the right time. Use the scanners mentioned above to check the prices.
- You can lower transaction fees by setting a lower gas price, but this may make your transaction slower.
- Use L2 solutions. They will allow you to conduct transactions on a separate chain linked to Ethereum. These networks can offer faster processing times and lower fees.
https://oneart.digital/en/blog/layer-0-3-all-blockchain-layers-explained
How to adjust fees in OneArt?
Just tap “Transaction speed” and choose low, medium, or high. If you want to input the number manually, tap “Custom.”