What is Ethereum Gas Fee?
The article provides an introduction to Ethereum gas fees, explaining the calculation formula: Total Fee = Gas Price * Gas Used. It discusses the changes in fee calculation post the London Upgrade, where Gas Price comprises Base Fee and Priority Fee. Users set a Max Fee Per Gas to simplify transaction fee settings, limiting the cost per gas unit. Transactions require the Max Fee to exceed the sum of Base Fee and Priority Fee for successful execution, with any excess refunded to the sender post-transaction.
Posted by Andylinee on Wednesday, January 10, 2024
