logo
1
avatar
0x5a43...ef1b 5C2C49BE-0B07-4C3F-8D36-B1FB2C7ACC0C Created with sketchtool. 48 Stranger 2 Sep 15 2022 9:21

Gas price - How does it works?

Discussion

Just have seen the question about gas. How does the "gas" price is created?

Answers 2

0
avatar
undefined 5C2C49BE-0B07-4C3F-8D36-B1FB2C7ACC0C Created with sketchtool. 0 Stranger 0 Sep 24 2022 14:49

finality time enables the completion

1
avatar
undefined 5C2C49BE-0B07-4C3F-8D36-B1FB2C7ACC0C Created with sketchtool. 0 Stranger 0 Sep 15 2022 18:24

This might depend on the blockchain used.

For example in Ethereum exact price of the gas is determined by supply and demand between the network's miners, who can decline to process a transaction if the gas price does not meet their threshold, and users of the network who seek processing power. However, ETH has gas fees are really high.

Polygon's MATIC gas fees are far cheaper than Ethereum.

Along with this, Polygon’s finality time enables the completion of a transaction in 2.3 seconds. On Ethereum, only six transactions can be completed in one minute.

https://support.polygonscan.com/support/solutions/articles/69000793833-what-is-gas-fee-%E2%9B%BD#:~:text=In%20conclusion%2C%20Gas%20Fee%20%3D%20Gas%20Price%20x%20Gas%20Limit.