Gas is a commission when transferring cryptocurrency. This is the amount of crypto that is paid to blockchain nodes to process a transaction.v
What determines the amount of gas you pay?
- From network congestion: gas is higher if many people are trying to complete their transactions. For example, the largest public NFT sale from the Otherside project took place. These are the creators of one of the most famous NFT collections Bored Ape Yacht Club, which has already been purchased by such famous people as Eminem, Neymar, Jimmy Fallon, Memphis Depay, Cillian Mbappe and others. spent a record $177 million. The hype was so wild that at peak times the price of gas was $12,000.
- From the type of transaction: the gas is higher if your transaction is complex (for example, an NFT mint versus sending cryptocurrency to another wallet).
3 ways to pay less
- Expecting price cuts. The lowest gas prices tend to be on weekends early in the morning. To check current and historical gas prices, you can visit the Etherscan website: https://etherscan.io/gastracker
- Self setting. In Metamask (a cryptocurrency wallet), you can set the gas fee to "Low" before confirming the transaction. If you want to save even more gas, click on "More Options". On this tab, you can set the maximum commission slightly above the lowest historical gas price from the Etherscan chart. Setting a low maximum gas fee means that your transaction can take a whole day to process, but the fees are minimal. You can always check the status of a transaction on the Activity tab in Metamask or on Etherscan.
- Cancellation of the transaction. You can cancel a pending transaction if you change your mind or if you want to wait for the gas fee to go down. The easiest way to do this is to click the "Cancel" button in Metamask next to the transaction. However, if that doesn't work, you can cancel the transaction manually: enable Custom Nonce in the advanced settings of your MetaMask wallet and send 0 ETH to yourself with the same custom nonce number as in the last transaction.
Don’t overpay where you can save. This principle should be incorporated into the strategy of every investor. When calculating the return on your assets, always take into account all commissions and network fees, put every penny in your financial models - this is a sure way to success.