Beginner Guide: What’s driving up the GAS Fee?

Who is charging for GAS Fees?

Let’s take a look at GAS fees first. If you made an operation on Ethereum, ths operation will run on each computer node participating in the network, and is performed by miner. Therefore, GAS fees are awarded to miner, not MathWallet or any exchange.

What if the transaction is still stuck?

As Ethereum has been experiencing a high intensity activity, the gas fee is particularly unstable. Therefore, when encountering an Ethereum GAS jam, the Ethereum transaction may become “stuck” in such a way that the transaction can’t be completed.

Accelerate the transaction

When a trade is initiated and waited for a long time, you can click Accelerate.

Cancel the deal

After clicking cancel, a trade will be sent to cancel the current trade, the current trade will fail, the same steps as when “accelerated trade”

Does EIP-1559 help lower the GAS fee?

EIP (Ethereum Improvement Proposal)-1559 is a significant changes to the fee market in Ethereum. Under EIP-1559, The fee has been divided into two parts: a base fee and the tip. Only the tip is paid to the miners, and the basefee is “burned”.

--

--

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store