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Web3 & Blockchain
What is Gas Fee?
Quick answer
The transaction fee paid to process an operation or run a smart contract on a blockchain network such as Ethereum.
Gas Fee, explained
On Ethereum and similar blockchains, every action, from sending tokens to minting an NFT or interacting with a DeFi protocol, consumes computational resources. Gas is the unit that measures that work, and the gas fee is what the user pays, in the network's native currency, to have the transaction included in a block.
Fees rise when the network is busy because users compete for limited block space. Since the 2021 London upgrade, Ethereum fees include a base fee that is burned and an optional tip to validators. Complex smart contract calls cost more gas than simple transfers. High fees during periods of congestion helped drive the growth of layer 2 networks, which batch many transactions together to lower costs.
Related terms
Ethereum
A programmable blockchain platform, launched in 2015, that runs smart contracts and has its own cryptocurrency called Ether.
WalletSoftware or hardware that stores the private keys needed to access and manage cryptocurrency and other blockchain assets.
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