Gas is a fundamental element for any public blockchain network such as Ethereum. Understanding how it works is key to efficiently use and develop on Ethereum and can greatly reduce the gas fees, required to deploy and transact with the network.
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Average Ethereum Transaction costs
|ERC20 Token Transfer||65,000||$0.00|
|ERC721 NFT Transfer||85,000||$0.00|
|Uniswap V2 Swap||150,000||$0.00|
|Uniswap V3 Swap||185,000||$0.00|
|Uniswap V3 Liquidity||215,000||$0.00|
|L2 Deposits (Arbitrum, zkSync, Polygon,..)||250,000||$0.00|
Average Ethereum Gas Prices per hour
Ethereum Gas explained
Gas is an important concept within the Web3 world. It is the virtual fuel required to execute transactions on the network. Similar to how a car needs gasoline to drive. Most public blockchains denominate these transaction fees in their native currency.
There are a few crucial aspects of using gas or transaction fees in public, permissionless networks:
- Every transaction published on a blockchain imposes a cost of downloading, executing and verify it. People who run a node (validators) spend time, money and effort to do this for which they are compensated. Transaction fees are rewarded to them for providing these services.
- A fee market allows prioritization of transactions by 'tipping' the validators for processing specific transactions more quickly.
- For smart contract platforms, it avoids computational waste in code, by setting a limit to how many steps of code executions it can perform within a transaction.
- Additionally, it prevents accidental or hostile infinite loops, e.g. denial of service ('DDoS') attacks. In a DDoS attack, an attacker tries to flood the network by spamming empty transactions. A fee market ensures that doing such attacks, for an extended period of time, to become expensive.