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Fees in the Ethereum network

Modified on: 2 December, 2020 at 11:59 AM

For the Ethereum network, you will find three main parameters instead of one (fee).

These parameters are GAS limit, GAS price and Nonce.

GAS limit is a common Ethereum network index that may change depending on the network load. In a nutshell, it’s a maximum you are willing to spend on the transaction in question.

GAS price is calculated it Gwei ( 1 ETH = 1,000,000,000 Gwei), let’s consider it as a price you are ready to pay for each GAS unit in the Ethereum network.

Normally default settings of GAS limit and GAS price are enough to send ETH and ERC20 tokens.

Nonce is a wallet parameter that grows with every transaction and decreases once the transaction is confirmed. This means you should make some pauses between the transactions.

For sending ERC20 tokens, the figures above are growing automatically due to a higher calculation complexity.