Gas Fee: A Criteria For Transaction

Gas fee is the fee you pay for a transaction to be executed, these fees are used to reward validators for validating blocks. But just like life and having varieties, we have lots of varieties of chains and their different gas fee charges. Whenever I want make any transaction, like send money or receive money through crypto, gas fee is always the first thing I consider. After gas fee I check for transaction time, lots of chains take less time while some take more time. One chain I dislike while transacting across CEX is the ZKSYNC chain, it’s high in gas fee and takes more transaction time.

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Always check gas fee before you click send, not all chains are like the Hive chain that gas fee is totally free. I have made the mistake of paying $15 gas fee while trying to make a $30 transaction, although that was the beginning of my gas fee price awareness. If you are transacting on the EVM ecosystem get your mind prepare for high gas fees. The chain goes this way, Native Ethereum has a very high gas fee, followed by Linea, then Base, Scroll, Zksync, then Zora, then Arbitrum, before you meet Optimism. Optimism is the only chain that has been able to defeat that high gas fee problem, hence the reason I use the optimism chain when I want to transact on the Ethereum chain.

Hive is way ahead, sadly it’s undervalued, it’s going to take a long time before other chain will try and catch up with Hive. This is after most of these crypto platforms become close to being decentralised like Hive. Crypto is supposed to make transaction fee cheap not unnecessarily expensive, it’s supposed to solve the TradFi problem. Although it’s cheap compared to TradFi but it can be cheaper, I can’t be paying $12 gas fee for a $2 transaction because I want to transact on the Ethereum chain, it makes no sense.

Posted Using InLeo Alpha