Why can the same transfer sometimes cost just a few cents, and other times much more?
One detail: After the 2021 London upgrade (EIP-1559), Ethereum’s Gas fees were split into a base fee and a tip, and the base fee is burned.
Gas fees mainly depend on how congested the network is: each block can only hold a limited number of transactions, and the more people want to use the network, the more the base fee goes up according to the rules.
Understanding this is more useful than memorizing a bunch of jargon. Knowing the rules helps you make informed decisions; it’s not for predicting market movements.
$ETH is the native currency used to pay Gas on Ethereum Mainnet. Currently 2236.41.
#ETH
One detail: After the 2021 London upgrade (EIP-1559), Ethereum’s Gas fees were split into a base fee and a tip, and the base fee is burned.
Gas fees mainly depend on how congested the network is: each block can only hold a limited number of transactions, and the more people want to use the network, the more the base fee goes up according to the rules.
Understanding this is more useful than memorizing a bunch of jargon. Knowing the rules helps you make informed decisions; it’s not for predicting market movements.
$ETH is the native currency used to pay Gas on Ethereum Mainnet. Currently 2236.41.
#ETH