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2021-11-16 10:37:27
WHAT ARE GAS FEES?

Gas fees” refers to the fee, or pricing value, required to successfully conduct a transaction or execute a contract on the blockchain platforms. It’s the transaction fees that users pay to miners or validators on a blockchain protocol to have their transactions included in the block. The system works on a standard supply and demand mechanism. If there is more demand for transactions, miners can choose to include the transactions that pay more, compelling users to pay more to have their transactions processed quickly and efficiently. Users of any blockchains can also choose to pay more for faster transactions.

In the picture below, you can see that a transaction goes through many computational steps to execute, each of which requires gas to proceed.

 

WHY DO YOU NEED GAS FEES?

If you want to transact like buy, sell, swap, add liquidity,... on any blockchain, you must make sure you have the original coin of that blockchain as Gas. The gas fees on each blockchain are entirely different. For example:

To trade on Ethereum: To buy, sell or store ERC20 tokens like ETH, USDC ERC20, etc. ⇒ The gas fee will be paid with Ether (ETH).

To trade on Solana: To buy, sell or store SPL tokens like SRM, Ray, etc. ⇒ The gas fee will be paid with Solana (SOL).

To trade on Binance Smart Chain: To buy, sell or store BEP20 tokens, etc. ⇒ The gas fee will be paid with Binance Coin (BNB).

Wallets like Neko Wallet enable users to interact directly with the blockchain network, choosing which amount of gas they wish to pay. There are several websites where you can track gas prices. Here is some source that you can track gas prices: 

 ETH gas price: https://etherscan.io/gastracker

BSC gas price: https://bscscan.com/gastracker

 

If there are any questions, please feel free to join our community for further discussions about Crypto/Neko Wallet with our team and other members!