Transaction Fees & Cashback Rates

What’s a Transaction?

An Ethereum transaction refers to an action initiated by an externally-owned account, in other words an account managed by a human, not a contract. For example, if Robert sends Andrew 1 ETH, Robert’s account must be debited and Andrew’s must be credited. This state-changing action takes place within a transaction.

Transactions, which change the state of the EVM, need to be broadcast to the whole network. Any node can broadcast a request for a transaction to be executed on the EVM; after this happens, a miner will execute the transaction and propagate the resulting state change to the rest of the network. Transactions require a fee and must be mined to become valid. To make this overview simpler we’ll cover gas fees and mining elsewhere.

What is Gas?

Gas refers to the unit that measures the amount of computational effort required to execute specific operations on the Ethereum network. Since each Ethereum transaction requires computational resources to execute, each transaction requires a fee. Gas refers to the fee required to successfully conduct a transaction on Ethereum.

Earn ETH Gas Fees with GasFarm

Get back the ETH gas fees you spent on the transfer. GasFarm is platform to offer cashback rewards on spending. Ethereum gas fees. The more one holds on to the GFT token, the more he is rewarded. Cashback rewards are calculated on various percentages and parameters. Rewards are distributed based on these percentages.

The table, shows the gas fee percentages you will earn when you lock your GFT tokens.

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