Blockchain Gas Fees

On blockchain networks, every transaction—including asset and token transfers—requires a payment called a "gas fee." Gas fees cover the costs of validating and recording transactions on the blockchain.

What Are Gas Fees?

Gas fees are charges that users must pay to execute transactions on a blockchain. These fees are paid in the blockchain's native asset—like ETH on Ethereum, BNB on Binance Smart Chain, and MATIC on Polygon. Gas fees incentivize validators (miners or nodes) who process and secure transactions.

When Are Gas Fees Required?

Every blockchain write transaction, from transferring tokens to interacting with smart contracts requires gas fees. Even basic token transfers rely on gas fees to ensure the transaction is recorded on the blockchain. This rule applies regardless of the token type being transferred (ERC-20, BEP-20, etc.), as the process requires blockchain validation.

Who Pays the Gas Fees?

When a wallet initiates a transaction, it must have a sufficient balance of the native asset to cover the gas fee. For example, if you’re transferring an ERC-20 token on Ethereum, you’ll need enough ETH in your wallet to pay for the transaction’s gas fee.

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The gas fees are always paid by the private key that signs a transaction.

Good to Know

• Gas Fees Fluctuate: The cost of gas can vary depending on network congestion. During high demand, fees increase as users compete for transaction priority. Find more about Fee Estimate HERE.
• Sufficient Native Asset Balance: Ensure that the wallet signing the transaction has enough of the blockchain's native asset to cover gas fees; otherwise, the transaction will fail.