Today, I will teach you how to check Gas fees. Gas fees are one of the most intuitive cost indicators in blockchain, whether for public chains or specific DeFi projects.
1. What are Gas fees?
Gas fees are the transaction fees that users need to pay to the network when initiating a transaction on the chain.
In simpler terms, when you "click an operation" on the chain, you need to spend some gas.
Just like paying a toll when driving on a highway, Gas is the ticket for you to "take a trip" on the chain.
2. How to check Gas fees?
Look at public chains and specific protocols separately; first, let's look at public chains like Ethereum.
We open the Ethereum browser Etherscan.
On the homepage, you can see the current average Gas price, usually expressed in gwei.
For example, if it shows 0.125 Gwei, it indicates the current unit price of Ethereum's transaction fee. If you want to perform actions on the chain, different actions will require a certain amount of Gas.
In the chart, you can also see the daily total Gas fee trend.
You will find that Ethereum sometimes collects millions of dollars in Gas fees daily, indicating that the network is very active.
So how do we check the Gas consumption of specific protocols? Let's take Uniswap as an example.
Open Token Terminal and search for Uniswap. On the project page, you can see how much Gas its users have paid and the income generated by the protocol itself.
You will find that Uniswap is one of the protocols with the highest Gas consumption on Ethereum year-round.
3. Why should we look at Gas fees?
Because Gas can reflect the activity and security of the network.
High Gas indicates that many people are willing to spend money on the chain, showing strong demand.
For public chains, Gas is also income, a reward for miners/validators, directly related to the security of the chain.
4. When should we look at Gas fees?
When researching public chains: check their Gas income to assess the chain's profitability.
When using DeFi or NFTs: High Gas fees can directly deter users.
When comparing different public chains: Ethereum is expensive, while Solana and Polygon are cheaper, which can help determine which is more suitable for small transactions.
When observing market heat: Gas generally surges in bull markets and declines in bear markets.
5. What should we pay attention to when looking at Gas fees?
High Gas is not necessarily good: too high can drive away retail investors, reducing application adoption.
Low Gas should also be considered in context: some chains are cheap due to high performance; others are cheap because no one is using them.
It is essential to look at transaction volume and the number of active addresses together: this helps determine whether it is "true prosperity" or "false quietness."
In summary
Gas fees are the "toll" you need to pay for operations on the chain.
To check public chain gas, use a blockchain explorer; to check protocol gas, use Token Terminal.
Remember: Gas is not just a fee; it is also a core income and security guarantee for public chains.
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