A Dummy’s Guide to 1559 Transactions on MetaMask
Heard the news? EIP-1559 support is now rolling out to all MetaMask users on mobile and desktop. This is good news, but what does it mean for traders? 1559 introduced impactful changes to the way traders calculate gas and pay for transactions. Now, we have base fees and miner tips.
If you’ve used MetaMask or other third party wallets for some time, you’re probably familiar with the fact that these wallets have a track record of pushing pretty high default transaction fees on users (in their words, “the lowest fee that will get the transaction confirmed on the next block.”)
For those of us that don’t need our transaction mined within the next 15 seconds, how can we avoid paying these high fees? The good thing is that MetaMask continues to support ‘Advanced Options’ where users can tweak their gas settings as they wish. With a little reverse engineering, we can investigate recent base fees and miner tips independently to make sure we are paying a reasonable fee, but not more than we need to.
The series of events you’ll need to do are:
- Update MetaMask to the newest version
- Explore recent transaction fees at watchtheburn.com
- Edit your Gwei before sending transactions in MetaMask
Update MetaMask to the newest version (using Chrome)
First head over to chrome://extensions/
Toggle ‘Developer Mode’ in the upper right-hand corner.
Then you will be able to see your current MetaMask version, and update to version 10.0.2 (if not already done) which has UI changes for EIP-1559.
Explore recent transaction fees at watchtheburn.com
Trading on MetaMask works out of the box with 1559 and you can choose from their recommended low, medium and high gas fees. But if you want to get under the hood, and manually adjust your gas fees, you can do that too.
You’ll first want to head over to a site that tracks these fees in real-time, like watchtheburn.com
Scroll down to this chart, which shows the base fees and priority fees (miner tips) on recent blocks. These two fees are what make up the transaction fee on 1559.
As you can see, there’s a lot of inter-block variation going on. We’ll use these numbers to help us estimate an appropriate gas fee to pay.
Edit your Gwei before sending transactions in MetaMask
After your transaction is ready, click ‘Edit’ and ‘Advanced Options’ to get to this third menu on MetaMask.
Leave the ‘Gas Limit’ field as it is.
Double-check base and miner tip fees again.
Input a “Max priority fee” and “Max fee” based on recent blocks.
By setting gas manually, I’ve found that I can consistently save 10–15% from MetaMask’s default numbers without sacrificing transaction speed.
Also watch out for gas spikes. Waiting a few minutes for a gas surge to settle could save you a nice chunk of ETH!
And that’s it! You are ready to confirm and send your transaction. If you are transacting on Ethereum Mainnet, your trade will be processed in the public waiting pool. If you are integrated with Eden RPC, your trade will be mined on the next Eden Block with MEV protection and priority block positioning.
Click here to learn more about the awesome benefits of staking and integrating with Eden RPC.