![]() ![]() ![]() In the transaction, the gas limit is 21,000 units and the base fee is 10 gwei. Let's say Jordan has to pay Taylor 1 ETH. Total fee would have been: Gas units (limit) * Gas price per unit In the transaction, the gas limit is 21,000 units, and the gas price is 200 gwei. Here is a recap of how things used to work: The way transaction fees on the Ethereum network were calculated changed with the London Upgrade of August 2021. Wei itself (named after Wei Dai (opens in a new tab) ↗, creator of b-money (opens in a new tab) ↗) is the smallest unit of ETH. The word 'gwei' itself means 'giga-wei', and it is equal to 1,000,000,000 wei. For example, instead of saying that your gas costs 0.000000001 ether, you can say your gas costs 1 gwei. Gas prices are denoted in gwei, which itself is a denomination of ETH - each gwei is equal to 0.000000001 ETH (10 -9 ETH). Gas fees are paid in Ethereum's native currency, ether (ETH). (opens in a new tab) ↗ Diagram adapted from Ethereum EVM illustrated (opens in a new tab) ↗ Gas refers to the fee required to execute a transaction on Ethereum, regardless of transaction success or failure. Since each Ethereum transaction requires computational resources to execute, each transaction requires a fee. Gas refers to the unit that measures the amount of computational effort required to execute specific operations on the Ethereum network. To better understand this page, we recommend you first read up on transactions and the EVM. It is the fuel that allows it to operate, in the same way that a car needs gasoline to run. ![]() Gas is essential to the Ethereum network. ![]()
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