Are you new to Ethereum and have no idea about Gas fees ? Don’t worry, we have got you all covered.
The transaction fees that users pay to miners on a blockchain protocol to get their transaction included in the block are referred to as “gas fees.”
The system is governed by a conventional supply and demand mechanism. Miners can opt for the transactions that pay more if there is a higher demand for transactions, forcing users to pay more to have their transactions handled fast and effectively.
Because Ethereum is one of the most widely used blockchains, gas fees can be exorbitant. The Ethereum chain has so much activity that the blocks are full, and transaction fees grow with each increase in demand.
That’s a wrap for gas fees now. Have a nice day reader 🙂
