Understanding Gas Fees on the Ethereum, Base and Polygon Networks | Magic Eden Help Center (2024)

FAQs

Understanding Gas Fees on the Ethereum, Base and Polygon Networks | Magic Eden Help Center? ›

Gas fees serve as transaction fees on the Ethereum, Base and Polygon blockchains, enabling the processing and validation of transactions. It is important to note that Magic Eden does not determine or charge these fees; they are an inherent aspect of the blockchain networks themselves.

What are the fees on Magic Eden? Magic Eden takes 2% on all transactions. Magic Eden honors the royalties set by creators.

Gas fees are paid in ETH. In the future we plan to implement account abstraction via EIP-4337 With this, users will be able to use any token to pay the fees.

Gas fees are transaction costs on the Ethereum blockchain, paid in Ether (ETH) or its fraction, gwei. These fees serve as a form of remuneration for validators who maintain and secure the network. Gas fees fluctuate based on supply, demand, and network capacity, and may increase during periods of network congestion.

These fees are paid in Ether (ETH), Ethereum's native cryptocurrency. Gas is a unit that measures the amount of computational effort required to execute operations. The more complex the operation, the higher the gas required. Gas fees are calculated using two main components: gas units and gas price.

Gas fees serve as transaction fees on the Ethereum, Base and Polygon blockchains, enabling the processing and validation of transactions. It is important to note that Magic Eden does not determine or charge these fees; they are an inherent aspect of the blockchain networks themselves.

On the Auction page, the Auction Wallet section will be your dashboard for fund management. Locate the box displaying your Auction Wallet's address and balance. Two buttons, “Deposit” and “Withdraw”, allow interactions.

Polygon can validate transactions quicker than Ethereum; handling up to 700 transactions per second compared to Ethereum's average of 10. It charges much lower gas fees as a result; around $0.01 per trade compared to the average fee of $14 on Ethereum for a trade on Uniswap v3 in 2022.

For NFT buyers and sellers, it's significantly cheaper to mint, sell and buy NFTs on Polygon OpenSea than on Ethereum OpenSea.

Ethereum gas fees are increasing due to various reasons. Tips to avoid high fees include optimizing transaction timing, utilizing rebate offers, and choosing transaction types wisely. Monitoring network congestion, using gas tokens, calculating fees in advance, and considering Ethereum 2.0 are other strategies.

Why are Ethereum gas fees so high? ›

Ethereum gas fees can be high due to network congestion during periods of high demand, especially for complex transactions involving smart contracts or decentralized applications. Additionally, Ethereum's fee structure, which includes a dynamically adjusting base fee, contributes to fluctuating gas costs.

Ethereum Average Gas Price is at a current level of 10.51, down from 12.65 yesterday and down from 23.49 one year ago. This is a change of -16.90% from yesterday and -55.25% from one year ago.

Ethereum is a blockchain-based development platform known for its cryptocurrency, ether (ETH). The blockchain technology that powers Ethereum enables secure digital ledgers to be publicly created and maintained. Bitcoin and Ethereum have many similarities but different long-term visions and limitations.

Getting the gas price​

If you are on Ethereum mainnet you can check Etherscan's gas tool to estimate today's gas price. Please note the gas price fluctuates; always refer to the gas station to see the current gas prices. The Ethereum network requires gas to execute transactions.

Ethereum introduced the Ghost protocol in 2013 to address the problem of blockchains suffering from many stale blocks. This platform eventually casts off the stale blocks based on their importance. Besides, the Ghost protocol addresses centralization bias, which results from the inability to choose faster blocks.

When minting open editions on the Solana blockchain via Magic Eden Wallet, you will still encounter program fees (rent), transaction fees (gas) and platform fees. These fees, typically range between 0.02 to 0.04 SOL. By being aware of these fees upfront, you can make informed decisions about your minting endeavours.

Optional royalties give buyers the flexibility to choose the royalty percentage they wish to pay to creators when purchasing items on Magic Eden. Buyers have three options to select from: full (100%) royalty, half (50%) royalty, or none (0%) royalty. By default, royalties are set to full (100%) for every transaction.

Magic Eden's Launchpad charges a $1 (SOL equivalent) fee for using the platform, covering the costs associated with providing a user-friendly interface, maintaining the Launchpad infrastructure, and supporting creators.