What is Gas Fee?

To put it simply, the gas fee is the fee paid to the miners. When you transfer money on the Ethereum blockchain, the miners have to package your transaction and put it on the blockchain to complete the transaction. In this process, the computing resources of the blockchain will be consumed, so fees must be paid.

Gas Fee is obtained by multiplying Gas Limit (limit) and Gas Price (price).

The default value of the gas limit is different in different periods and different operations, and you can set the Gas Limit yourself when performing the operation. It should be noted that the number of Gas units required to complete a transaction depends on the complexity of the transaction. When a transaction is more complicated, more computing resources must be consumed, so more Gas is required.

Gas Price refers to the amount of Gwei, which will affect the speed at which your transaction is packaged and put on the blockchain by miners. If the Gas Price is set higher, it will give miners more incentive to package your transaction; on the contrary, if the Gas Price is set low, it will take a longer time to wait. If you are not in a hurry to complete a transaction, you can save money by choosing a lower Gas Price. In each transaction, you can adjust the Gas Limit and Gas Price according to your needs.

Here are some more frequently asked questions about transfers and packaging:

1.The transaction is always displayed as Pending, can it be cancelled?

Once a transaction on the blockchain is sent, it cannot be modified or cancelled. If you are eager to get your assets into account, you can choose to speed up the transaction and add miner fees to make the transaction packaged as soon as possible.

2.I initiated several transactions, but why none of them succeeded?

If you have a transaction waiting to be packaged but not successful, then multiple subsequent transactions will be queued up to be packaged. For transactions initiated by the same address, miners need to package them in the order in which they were initiated. When the first transaction is successful, it will be the turn of subsequent transactions.

3.Will my assets disappear after the transaction package fails?

Tokens will be deducted from your address only after the transaction is successful. If the miner's fee is set too low during the transfer, resulting in the transaction being discarded by the miners, that is, the packaging fails, the tokens will still remain in your address.