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Getting the gas price

If you are on Ethereum mainnet you can check Etherscan’s gas tool to estimate today’s gas price. Please note the gas price fluctuates; always refer to the gas station to see the current gas prices.

The Ethereum network requires gas to execute transactions. When you send tokens, interact with a contract, send ETH, or do anything else on the blockchain, you must pay for that computation. That payment is calculated in gas, and gas is always paid in ETH.

You are paying for the computation, regardless of whether your transaction succeeds or fails. Even if it fails, miners or validators must finalize and execute your transaction, which takes computational power. You must pay for that computation, just like you would pay for a successful transaction.

Getting the gas limit

So, you know how much each unit of gas costs, but how many units of gas do you need to spend? Well, if it’s a simple transaction–say, sending ETH or an ERC-721 token to another address, you should be spending 21,000 units of gas. If you’re doing something more complex, a good tool is a block explorer, such as Navigate to the contract you wish to interact with, and start examining transactions that have been made with the contract. This will give you a better idea of how much gas other users actually end up using.

Overall gas fee structure

As of EIP-1559, the overall fee a transaction creator pays is calculated as: ( (base fee + priority fee) x units of gas used). 

Please note this is not a fee that wallet receives so we cannot refund it. This fee is paid to miners or validators for finalizing the transaction, validating it into a block, and securing the blockchain.