Ethereum users are now consuming more than 40 billion gas on a typical day. When gas prices are high, they can collectively spend more than $3.5 million per day to satisfy this demand. Wallets play a key role in determining how much users pay for gas and how quickly their transactions get mined based on the methods they use for setting default gas prices. Ideally, Ethereum wallets should be able to select a default gas price that is the minimum required price to get a confirmation within the time interval desired by the user.
There are two basic approaches to…
Ethgasstation.info relies on fairly high overhead monitoring of the Ethereum transaction pool and statistical models to find the best gas price depending on the desired confirmation time. Its not really suitable for the average user to run. Furthermore, statistical models can create a kind of “black magic” that make it hard to trust unless you are willing to invest a lot of time to understand how it works.
The best single predictor of the time it takes for a transaction to be confirmed that I have figured out after a lot of experimentation is the following:
the percentage of recent…
The SafeLow gas price is an important benchmark especially in times of high network demand: What gas price should users choose if
1) they don’t want to pay a high transaction fee
2) it is not a time sensitive transaction (they don’t mind waiting e.g. 30min)
3) importantly- they want to be sure it will get confirmed and avoid uncertainty and inconvenience of resending procedures.
The ETH gas station gas price oracle has attempted to solve this using statistical modeling, and overall it seems to function reasonably well- but models are not always accurate. When you have a…
As I write this, Ethereum transaction dynamics have never looked so healthy. Gas prices have fallen about 20x compared to several months ago and at the same time confirmation times have improved dramatically. Transactions are now confirmed so quickly and cheaply, fair to ask — who needs calculators?
Nevertheless, in the spirit of mainstream adoption, there are a few new transaction pool / gas price tools that I think may still be useful.
The following sequence remains a not uncommon situation:
The primary goal of ethgasstation.info is to provide reasonably accurate, real-time predictions of the time it will take for any given transaction to be confirmed on the Ethereum network. This piece of information can help wallets and users set the best gas price based on how quickly they need a confirmation and what fee they are willing to pay.
Ethereum now routinely processes over 300,000 transactions per day — and ethgasstation records the block at which all transaction are first seen by its node and the block at which it is later confirmed- so there is no lack of data…
The diversity and progress in Ethereum wallets is impressive, but a quick survey shows shows that all the top wallets suffer from a common problem: their default gas price is too high. Despite the fact that ETH miners have done their part over recent months to allow gas prices to fall in response to a rising ETH/Fiat price (i.e. lowering minimum gas prices accepted / raising gas limit), the median gas price used on the network remains stuck at about 20 gwei. What we see today is a fragmented gas market: about 25% of transactions are made with gas prices…
Ethereum transactions are complicated. It’s hard enough to explain what Ethereum is to an average person; good luck with gas and the dynamics of gas offered, gas used, and gas price. Clearly, if Ethereum is going to reach the mainstream, this complexity will need to be hidden from users by wallets.
When a typical new user sends an ETH transaction, they want to trust the wallet to send the transaction for a reasonably low transaction fee and have it confirm in a reasonably prompt time and generally not be bothered by other details.
When users start sending more ETH transactions…
When you send an Ethereum transaction, there are at least 3 types of factors that will influence how long it takes to be mined:
There have been some positive recent developments in the ETH gas market: 1) several large miners lowered their minimum gas price to 4 gwei from about 20 gwei previously and 2) the number of empty blocks mined has gradually fallen from ~35% a couple of months ago down to ~ 10% today. On the other hand, not all miners have lowered their gas prices. Furthermore, gas use is rising faster than the miners are voting to increase the gas limit, and the network now faces for the first time a meaningful number of full blocks (~20%).
Underlying these changes is…
What will it take to end the rule of the 20 gwei gas price?
Currently, the following is happening:
Why is this happening? There are a couple of possibilities.
Gas Prices, Miner Policies, Transaction Times