Ethereum’s Gas Fees Explained by Monolith

Monolith covered everything users need to know about Ethereum’s gas fees, and how to pay fees with Monolith.

  • Making transactions on Ethereum required paying a fee known as gas.
  • Gas is paid for using ETH. You need ETH in the Monolith wallet to process transactions.
  • The Gas Fee varies depending on the activity and level of congestion. It’s calculated by multiplying the Gas Limit and the Gas Price.
  • Topping up the Monolith Card requires more gas than transferring tokens to another wallet. For legacy users, the Main account is less gas intensive than the Contract Wallet.
  • Ethereum is often criticised for its high gas fees, but fees are expected to become more affordable once the network achieves scalability.
  • The recently launched EIP-1559 update has introduced a gas fee burn on every Ethereum transaction, which has made the ETH supply more scarce.

What is gas?

Gas can be thought of as the fuel required to power smart contracts on Ethereum. To process any transaction on the network, you need some gas first. Gas is paid for using Ethereum’s native currency, ETH. It’s the only asset that can be used to pay gas fees, which is why you need some in your Monolith wallet to make a transaction.

How does gas work?

Ethereum is a smart contract platform. Transactions are executed using a contract that’s been deployed to the network, and every transaction requires a gas fee. Every Ethereum transaction uses computational resources. The gas fee refers to the amount of computational power required to execute the transaction.

About Monolith

Monolith is the world’s first DeFi wallet and accompanying Visa debit card made for spending crypto assets anywhere.

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https://medium.com/monolith/entering-the-monolith-ethereums-gas-fees-explained-30032a534814

Ethereum’s Gas Fees Explained by Monolith

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