Understanding Gas Fees โ
Gas fees are transaction fees paid to network validators to have your transaction processed and included in the blockchain. Every operation on a blockchain, from a simple token transfer to deploying a complex smart contract, requires computational resources, and gas fees are how users pay for this computation.
WARNING
Gas fees can fluctuate based on network congestion. The more people using the network, the higher the gas fees will be.
How Gas is Calculated โ
The total fee for a transaction is calculated as follows:
Gas Fee = Gas Limit x Gas Price
- Gas Limit: This is the maximum amount of gas you are willing to spend on a transaction. A simple transfer might require 21,000 gas, while a more complex operation like deploying a contract will require much more.
- Gas Price: This is the price you are willing to pay per unit of gas. It is typically measured in Gwei (a smaller denomination of ETH).
If you set a gas limit that is too low, your transaction may fail, but you will still pay the fee for the computation that was performed.
Gas and CoinBuddy โ
When you use CoinBuddy to create a token, you will need to pay gas fees to deploy your token's smart contract to the blockchain. The amount of gas required will depend on the features you choose for your token.
INFO
CoinBuddy helps you estimate the gas fees for your token creation, but the final cost will depend on the network conditions at the time of deployment.