When you execute a transaction involving the transfer or receive of assets on a blockchain, you’ll be charged a fee known as a gas fee. This fee is used to compensate blockchain validators for processing your transaction. The amount of the gas fee can vary depending on the network congestion.
To understand gas fees better, let’s break down some key terms you’ll encounter:
When initiating a transaction, like transferring assets to another wallet address, you’ll receive a transaction summary before finalizing the transfer. Opting for ‘Fast’ ensures immediate processing by paying a higher fee. Alternatively, selecting ‘Medium’ or ‘Slow’ is suitable if you’re willing to wait for a lower gas fee. This is because the speed depends on the gas price you’re willing to pay.
If you prefer to customize your blockchain fee (gas fee), you can select ‘Set Manually’ and then click ‘Custom’.
From there, you can adjust the maximum gas fee, miner tip, and gas limit according to your preferences.