What Is GAS? Ethereum HIGH Transaction Fees Explained
ฝัง
- เผยแพร่เมื่อ 19 ก.พ. 2021
- So what exactly is gas? Why are transaction fees so high at the moment? And what are some of the ways to make the transaction cost lower? You’ll find answers to these questions in this video.
Gas is a unit used for measuring the amount of computational effort required to perform specific actions on the Ethereum blockchain.
The name itself hasn’t been chosen by accident. Similarly to gasoline fueling a car and allowing it to drive, gas on the Ethereum network fuels transactions and allows them to perform different operations.
Every operation on the Ethereum blockchain, or to be precise on the Ethereum Virtual Machine (EVM), has an associated gas cost. For example: adding 2 numbers costs 3 gas; getting the balance of an account - 400 gas; sending a transaction - 21,000 gas.
Smart contracts usually consist of multiple operations that together can cost even hundreds of thousands of gas.
What is interesting is that the gas cost by itself doesn’t tell us how much we have to pay for a particular transaction. To calculate the transaction fee we have to multiply the gas cost by gas price.
The gas price is measured in gwei - a smaller unit than ether where 1 gwei equals 0.000000001 ETH. We can think about it as a major and a minor unit similarly to dollars and cents.
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0 dislikes. That's how good you are. :)
You are the educational crypto GOAT
thanks! 💛
The animations help a lot
100%, the ultimate crypto GOAT.
just began my plunge down the Ethereum rabbit hole, this channel is incredible. Strong chance I'll have watched every video in a week
thanks!
Good luck with low gas fees 🤣
This is amazing. We are witnessing the birth of a new financial system. This is probably a once-in-a-lifetime event. .
hope this is the case since it so annoying to know that the current financial system is fcking bs
Or we are just playing with something that will never make it to a real world.
Yes, paying 20 USDC on fees when I want to transfer 25 USDC is amazing.
@@ReyZar666 really? So these gas prices for the ethereum are just fine to you, right?
Its highway robbery.
I would rather take my chances with the current monetary system than this overly complicated geek system.
From what I understand Imagine buying a $10 ice cream and being charged $100 to buy that ice cream to eat. But if you buy the $10 ice cream at 3am in the morning your only charged $50 dollars to eat that $10 ice cream?
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Love to see your channel getting this much traction, keep up the great work!!
Thanks! :)
Thanks for the clear explanation! And thanks for leading me to a much more complicated level which I need more videos to clearing my minds.
Dude, I ran out of videos to binge, please release more :)
The best channel
I have seen explaining something so obscure .
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I love this channel, we need something like this.
I’m one of the slowest learner on earth but for some reason i understood this video the first time i watched it one of the best Crypto videos out i really appreciate you I’m watch this at least 6 times a week
At least something awesome out of today's "hard way" of learning about Gas by spending quite a steep amount for a fairly small transaction was to find your channel!
I already spent about an hour watching your videos and learning quite a lot already! Thank you!
Alfredo del Arenal, I know what you mean, I too am here because I wanted to move my ETH from Coinbase to my Ledger Nano X it cost me half my ETH in gas ⛽️ fees 🥴 Live and learn. I am so happy to have found this Channel. I won’t make that mistake again. 😄
@@Jeanneellis2000 So where do you store your ETH?
Because if you leave it on let’s say binance you don’t actually own the keys so they own your ETH
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This is one of the best and highest-quality videos about this topic. Thank you for your work.
thanks! :)
Finally a crypto channel not about the hype!
I'm interested in crypto but some ideas are still too new to take in.
Can you explain the synthetic assets in the future? The benefits, its use cases, and the projects currently working on it?
Thank you so much for providing an educational channel for crypto space!
Absolutely agree with your comments and desire . SNX is something I would really want to understand
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Dude that was so fricking good explanation ! Keep up the good work!
Thanks!
This channel is easily the best at explaining all crypto concepts, such high production quality and great writing.
Thanks! :)
I agree, I agree and agreeeeeeeeeeeeeeeeeeeeeeeeeeeeeee!
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Man these videos are the best...the BEST!
thanks!
Extremely well explained. Thanks for this great video!
Thanks. Glad it was helpful! :)
Thank you for all the hard work you invest in every video! I love them
thanks! :)
the quality of your videos and your information is great. i just found your channel a few days and have watched half your videos. ill have them all watched by next week. this is the best channel ive found around defi and defi related stuff. i also like that you do some videos covering technical stuff like protocols, and some covering historical/social stuff like the sushi uniswap saga. keep it up!
great to hear! thanks :)
love this explanation, straight forward and easy to understand
Nice Video. Really liked how you explained the gas fees and what a gwei is. Mentioning EIP 1559 and how it is upposed to stablice the fees was great as well. Right now I only understand the proof of stake solution so I like that one the most.
Thanks bro amazing stuff
Nice surprise seeing Loopring mentioned. Thanks for the clear explanation.
Your explanation is amazing, youre one gifted individual. Thank you so much for your work
thanks!! :)
Excellent video (and channel).
I'm quite new to all this crypto universe, and there are so many concepts to grasp. Smart contracts and gas were quite nebulous to me, now it's much better. Thank you !
I like to thank the author for this video since even being a beginner, I could understand and gain complete confidence in the topic...Thank you
Subscribed! Very informative:) keep up the good work
Best content on DeFi - no question about it!
Thanks! :)
This explanation is amazing,
Thanks for great content
Awesome explanation, thank you!
Thanks so much for the great videos! If you could do us a favor and in the description, ALSO add links to the separate videos you mention with the video, that would be great!
I simply love your content and channel, mate! Easy to follow and understand all these complex concepts. would you consider doing a video on other ecosystems such as zilliqa or waves? they have both recently launched their own DEX (and they solve the gas fees problem) and so, I'd like to hear your opinion on these. cheers!
Brilliant videos, I hope to make content half as good. Keep it going!
Thanks! All the best with your content! :)
This video is actually really good. Amazing material, as always.
It would be really nice to have a video about some technical explanation about the diference in different layer 2 scaling solutions, optimistic roll ups, zk-roll ups, plasma + pos (which as far as I know does not inherit ETH security).
Thanks as always!
there is one on Layer 2, but I'm also making a new one on rollups
solid content as always!
thanks :)
Great explainer. Thank you.
That was an excellent video, full of fantastic information. Very thorough and really well explained. Thank you for putting in the time to create this, amazing work.
Thanks! Glad it was helpful :)
My eyes glazed over and I zoned out. Maybe I'm not smart enough to understand. But great video!!
This is an extremely good video.
thanks!
Best education videos on defi!! Keep it coming.
Can you do a video on tokenomics?
Wow! Amazing explanation!
thanks!
Brilliant!
I love your videos they are truly the best and have taught me so much thank you! Please could you make one about XDAI (STAKE)?
Love the video, very useful. Would love more videos about other cryptos, thanks
Very nice touch there at the end bringing awareness to the community in a subtle way. Cutting back on decentralization and security is not the vision that appeared a decade ago. Very well informed video and would really love to hear your opinion on the SPoS consensus (Ouroboros) used by Cardano, tokens treated as first class citizens and the general aspect of decentralization brought by a scientific peer review system. Thanks :)
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I appreciate your channel , 🙏 thank you.
dope. thank you daddy finematics. this actually made a lot of things make more sense like "smart contracts r on the eth blockchain" and all i could picture was pieces of paper in space. but it makes a little more sense now
Glad to hear the video was helpful :)
I love your videos! Thanks
Great to hear! Thanks :)
Man I wish I could draw like you, so satisfying
Hello! Thank you for your amazing videos!
Please do the explainer on Polkadot future ecosystem, and how it's different from what we have now, cheers:)
The hand animation was really cool
Good video. We were performing some ETH transfers today and were shocked by the gas charges. Performing a defi transfer of $200 cost $50. That’s a 25% fee. The estimated fee for a $50 transfer was $25. I can’t see how eth will survive given these high costs. On the next rise of eth I’m pulling everything out.
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Just lost $18 moving $35 to a wallet. I don’t want to buy ETH at all if I can’t actually own it without paying that much.
Yes ETH fees are a joke
Clear, complete and entertaining content, as always. Thanks you for sharing, I think you provide the best content to learn key concepts in the crypto space. Keep it this way!
Thanks! :)
Your content is amazing! ❤️
As always..!
thanks! :)
Thanks!
"The Internet of Money should not cost 5 cents per transaction. Its absurd!" - Vitalik
Genius.
Can you make a video that shortly explains all the main coins? To give an idea of what the coin/company is about and the importance of it in the entire system. Thank you! Your videos are great.
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Amazing video!
Thanks!
Great video, im trying to wrap my head around the Transaction failure part.
You said if there no enough GAS left then the transaction fails and the transaction fee will still be charged. Who estimates the GAS fee? And if we are paying the GAS upfront why would the GAS get exhausted before performing all the operation? Is it because of the estimate being lesser than required GAS?
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Thank you for creating this! Subbed.
Your videos have helped me a lot starting out with defi. Thanks a lot! Hope your channel grows, you deserve it.
Great to hear! Thanks :)
@@Finematics your videos are great ,very informative
thank you
Why does everything have to be so complicated!😭 You explained it the best tho. 🙌
Brilliant
thanks 👍
Great content!
So much knowledge in one video. I will need to re-watch it to grasp all of it! Very informative. Thanks mate.
Great to hear! :)
very clean animations, me like
Hello, could you make a video explaining all the layers of the blockchain and how they relate to each other?
This guys awesome. Love the format of your videos
Thanks! :)
Now it makes sense!!!
*Great* educational content
thanks!
Good video
These fees are very annoying
Dude your vids are so well done and easy to fallow, keep it up, looking forward to eth 2.0
Thanks so much. I was so confused. You deserve a sub and Like :)))))))
You mentioned the rise of alternative chains that aren't quite decentralized or permissionless. Which ones are those?
Very interested in this also
I didn't wait to smash that like bro, love the content
thanks!! 💛
thanks
Just a few days back I was searching for an explanation on GAS and the first thing that came to my mind was to see if this channel had already made a video on it :D Thankfully he uploads it today.
Does this not make ethereum effectively useless as a currency? why the hell is anyone using a currency with a $50 transaction fee? why would anyone want to use a network like that?
great visualizations, subscribed! what software is used to create this?
thanks, videoscribe
Fantastic video. I spent the weekend reading up on defi so this summarised my learning perfectly. Much appreciated!
Great to hear! Thanks :)
Thank you, you are the best. Eth was powerful and really pioneer. Hoping that Eth2 will solve the problems.
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Could make a video on zilliqa sharding and scalability. :)
Great Explainer Video... as always .... i just dont get how you could have missed xdaichain as true sisterchain to the mainnet in the video?
Awesome content man! Can you please do a video about Cardano, Polkadot, and some of the other blockchains that aims to compete with Ethereum?
Thanks. Yes, these videos are in the pipeline :)
@@Finematics Thanks! Love your stuff!
I really like CELR for Layer-2 scaling
Please make a video on proof of state vs proof of work
explanation is good just a suggestion please try to dilute it down more for beginners and non newbies mate :)
can you make a video about the flare network? And how it works. :)
Great video! Where are you from btw? Just wondering since you got a pretty thick accent
Great explanation about Gas... thank you
Good vid
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Each time you upload a video it uploaded to my brain by watching it 2 times minimum,
Thank you very much for the work you do, by the way I will join pateon when I finish watching all your videos in this Chanel.
Great to hear! Thanks :)
I'd love if you made a video about NFTs. I've been hearing a lot about them in the last week. Love your videos
There is one on NFTs already :)
@@Finematics what is NFTx ?
Sir...Please make a video on DOT and KUSAMA network relation...and how it is beneficial for DeFi...🙇♂️
0:30 What is Gas?
1:25 Transaction fee
3:44 Mempool
4:52 Fee model
8:40 Layer 2 Scaling
9:00 Loopring
9:17 Matric/Polygon
9:29 Optimism
10:15 Ethereum 2.0
10:25 EIP 1559
Loopring is way undervalued!
Great video, thank you for such content!
Thanks! You're welcome :)