What is a Gas Fee?
The cost required to perform a transaction or execute a contract on the Ethereum blockchain.
Key details
- Variable
- Gas fees fluctuate based on network congestion.
- Customizable
- Users can set gas prices to prioritize their transactions.
- Necessary
- Required for all transactions and smart contract interactions.
- Burn Mechanism
- In Ethereum's EIP-1559, a portion of gas fees is burned.
Examples
- 01Sending ETH from one address to another requires a gas fee.
- 02Interacting with a DeFi protocol like Uniswap incurs gas fees.
- 03Minting an NFT on Ethereum requires paying gas fees.