Gas Fee
A transaction fee paid to network miners for processing a transaction on the blockchain.
What is a Gas Fee?
Gas fees are payments made by users to compensate for the computing energy required to process and validate transactions on the blockchain. Think of it like a processing fee for a bank transfer, but paid to the decentralized network of miners or validators.
Why do Gas Fees exist?
Gas fees serve two main purposes: to incentivize miners to validate transactions and to prevent spam on the network by making it costly to execute useless operations.
How to save on Gas Fees?
You can save on gas fees by transacting during times of lower network congestion or by using Layer 2 scaling solutions like Arbitrum or Optimism.