Want to know How to Reduce Ethereum Blockchain Gas Fees? If so, then you have come to the right place!
Ethereum gas fees don’t have to cost a fortune. Follow our simple guidelines to save yourself lots of money. You can then build fantastic Ethereum blockchain projects in a cost effective manner.
Why are Gas Fees so High?
Anything crypto related lives on a blockchain, which is basically a global network of computers that verify data (such as a smart contract) on the chain. Transactions are grouped in separate blocks of data which vary in size. Gas is the fee you pay for data to be processed and uploaded to the blockchain. It is important to remember that gas is paying for the time is takes to process your data, rather then the size of your data. The blockchain is a very busy place, meaning there are lots of people out there trying to upload data to the chain. The problem is this data must be mined by computers to upload it to the chain. Those who are willing to pay the highest fee gets their contract or tokens mined first. Although computers do the mining, there is a human behind a set of computers who sets a price.
How to Pay Lower Gas Fees?
Pay Gas when it is Lower
Gas prices on the Ethereum blockchain are constrantly fluctuating. We reconmend you visit Etherscan’s gas tracker to check current and historical gas prices.
Carefully Set your Max Gas Fee Price
When carrying out a transaction, your Metamask wallet will recommend a certain gas fee. But you can set this gas fee lower!
Setting it lower means it may take a lot more time for your transaction to go through, hours or days. The fee is to pay a miner to verifier your transaction, and they are only willing to do it for a certain price. A powerful computer mines the transaction, but a human decides the price the computer will mine it. There are advantages and disadvantages to setting higher of lower gas fee.
Setting Gas Fee Higher than Recommended = Very fast transactions, usually within minutes.
Setting Lower Gas Fee than Recommended = Much slower transaction, in hours or days.
Setting a lower gas fee means your transaction is classed as low priority, and therefore placed in a queue. This means people who are willing to pay a higher gas fee than you will have their transactions verified first. Be aware that if you set your gas fee too low, your transaction may never get mined.
You can always check the transaction status in Metamask’s Activity tab or on Etherscan.
Use a Gas Simulation Tool
You don’t know the actual gas fee until you carry out the transaction and pay for the gas. However, you could use the DeFi Saver app to simulate your transactions.
The Bottom Line
The Ethereum network is currently the most popular NFT blockchain out there. People like to invest on this network due to its popularity, which means the network should stick around for many years to up. You should now have the knowledge to reduce Ethereum blockchain gas fees. Test out this awesome knowledge buy purchasing an NFT using little gas as possible, or creating an NFT collection cost effectively.