A gas fee is a small amount of cryptocurrency that users pay to process transactions or perform actions on a blockchain network, like Ethereum. These fees compensate the network's validators, who supply the computing power to verify and record transactions. Gas fees are essential for maintaining network security and efficiency by deterring spam and incentivizing validators.
Why do gas fees vary in price?
Gas fees fluctuate based on transaction complexity and network demand. Simple transactions require less gas, while more complex operations, such as interacting with smart contracts or dApps, consume more. During high activity periods, gas fees increase as users pay more to have their transactions processed faster.
The future of gas fees
Blockchain developers are continuously seeking ways to lower gas fees for users. Scaling solutions such as ZKsync, Optimism, and Arbitrum “roll-ups” are designed to reduce congestion on Ethereum, resulting in faster and cheaper transactions.
Customizing gas fees in Family
Family allows you to customize gas fees depending on how quickly you want your transaction processed. By increasing the fee, you can expedite transaction confirmations during high-traffic periods. For more details on adjusting gas fees in Family, check out the Speed up a transaction guide.