To Save Your ETH Savings, Avoid GAS Fess on Ethereum Transactions!
Even the strong proponents of the Ethereum network agree that even though Ethereum is considered a decentralized global computer and the future of web3, it is far from functional because of the high fees required to perform any network activity.
What is Ethereum Gas, and why do we need it?
Gas is a very fundamental concept to Ethereum. In simple terms, it is the amount of ETH [only ETH can be used to pay gas fees] users of the Ethereum network pay for an activity performed on the network. Now you know why high gas fees seriously affect Defi users on the Ethereum network. Gas is the unit used to measure fees required for computation or storage in the Ethereum network. Gas price is the amount of Ether a user on the Ethereum network is willing to pay for every unit of gas spend. The Gas price is represented in “gwei,” which is a fractional unit of ETH. Gas limit is another unit that defines the maximum amount of gas you can be charged for a transaction. Typically 21,000 units of gas will satisfy most transactions. The gas cost is decoupled from the price of Ether. This means the units of gas required for a particular computation will remain constant. With every transaction, a user sets a Gas limit and Gas price. The product of Gas limit and Gas price gives the total amount of ETH…
