PearDAO
Launch AppWhitepaper
English
English
  • What is PearDAO?
    • How PearDAO works
  • Getting Started
    • Create a wallet
    • Connect Your Wallet To PearDAO and Add PEX token to your wallet
    • How to earn passive income with P2P and trade more safely?
      • Tips and advices
      • How to conduct KYC verification on p2p exchanges?
    • How to avoid scams
    • How to appeal
    • Gas fee and transaction fee explanation
    • P2P Marketplace FAQ
  • Tokenomics
    • PEX Token
    • Innovation Hub
    • Token Allocation
  • NFT
    • How to use NFT marketplace
    • SBT
    • BAB
  • Earn
    • Pear Farm
      • How To Buy PEX-BNB LP Token
      • Trade Access Pool
      • PEX-BNB LP Pool
      • PEX Pool (Projected Launch Date: 4 April 2022)
    • Trade Mining Reward
      • How are the Trade Mining Rewards being calculated?
    • Share to Earn
  • DAO Mechanism
    • Pear DAO Governance
      • Governance
      • Operational
      • Iteration Cycle
    • Pear DAO Treasury Fund
    • Pear DAO Appeal Nodes
      • What if there is a trading problem?
      • PearDAO Appeal Handling SOP
  • Use Cases
    • How To Post Ads
      • Posting Buy or Sell Advertisements (Ads)
    • How To Buy Digital Assets
      • How to Buy Digital Assets On Pear Marketplace
    • How To Sell Digital Assets
      • How to Sell Digital Assets On Pear Marketplace
  • RoadMap
    • PearDAO RoadMap
  • Programs
    • Community Career Roadmap
    • Student Ambassador Program
  • Team
    • Pear Members
      • Product Manager
      • Growth Manager
      • Operations Manager
      • 3D Animation Designer
      • Crypto Gaming / NFT Business Manager
      • Technical Writer
      • Global Community Manager
      • Business Development Manager
    • PearDAO Logos
  • Pear Events
    • WorldCup NFTs Claim Rules
    • World Cup betting rules
    • Tokyo Ver 1.0 Release
      • Features
    • Beta User Airdrop
    • Genesis PearDrop
      • How To Claim NFT
    • AMA
      • Recap of 1st AMA on 20 Feb
    • Learn & Earn Winner List
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  1. Getting Started

Gas fee and transaction fee explanation

What’s Gas fee?

Gas fee is the fee required to successfully conduct a transaction or execute a contract on the Ethereum orBsc blockchain platform, Without the fees, there would be no incentive for anyone to stake their ETH/BNB and help secure the network.

What is transaction fee?

transaction fee is a charge that a service enjoyer has to pay every time for the service. The cost of the transaction fee varies depending on the service used.

How is Gas fee charged on BSC & ETH?

BSC has relatively low fees. In BSC, 1 gwei is 10-9 or 0.000000001 BNB. With an average gas price of around 6.5 gwei, sending 10 BNB should cost less than ten cents. In fact, sending ten or even a hundred times that amount still shouldn't cost you more than 20 cents.

The gas fee is calculated using Gas Limit * Gas Price per Unit.

So if the gas limit was 20,000 and the price per unit was 200 gwei, the calculation would be 20,000 * 200 = 4,000,000 gwei or 0.004 ETH.

Understanding Gas fee

The concept of gas was introduced to compensate miners for their work done on maintaining and securing the blockchain, Without the fees, there would be few reasons to stake ETH or BNB and become a validator. The network would be at risk without validators and the work they do.

Gas Fees are determined by the amount of network traffic, supply of validators, and demand for transaction verification. The higher the demand and traffic, the higher the fees. When traffic and demand is lower, fees become lower.

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Last updated 2 years ago