Beginner Guide

7. Transactions on a chain

Jan 30, 2023

The mainnet fee is a fee for each transaction we make on the mainnet. We will discuss these fees in more detail in the article below. I will also give you some tips and useful information.

If you choose to send tokens over the Ethereum blockchain, you always pay a fee to the validators as a reward for maintaining, developing and operating the mainnet. The fee is mostly paid in the native coin / token (in this case ETH).

The size of the fee varies; for example, according to traffic or the capacity of the mainnet. For example, if you use a bridge service (bridging cryptocurrency from one chain to another), then the fees are around 0.2-1.5% of the amount transferred. If you are just sending crypto from an address to another wallet address, the fees are lower. We recommend you look at the various decentralized applications (dApps) for bridging that take the smallest fee, then use one of those. A list of these bridge services can be found here. (enter hyperlink)

You can also speed up (or slow down) each transaction you perform. We can manually increase / decrease the GWEI value before confirming the transaction. Such a transaction will then be processed and ​​added more quickly / slowly to the blockchain. Faster transaction processing in the case of higher chain traffic can guarantee faster confirmation of transaction. GWEI = 0.000000001 ETH.

You can read more about GWEI here.

It's always a good idea to keep a small amount of native coins / tokens in your wallet for paying fees.

Analyst opinion

Fees are a necessity, although they are not entirely pleasant, but we have to pay them on most chains. If the fee seems high at the time, we can (unless we need it immediately) wait and try to make the transaction later, or we can try to set a lower fee in return for a slower transaction.

Analyst

Ondřej Tittl
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Analyst
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Join
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Related Guides
Explore our inspiring blog, which highlights our journey, monumental approaches, and future vision for transforming decentralized finance.
View more
Beginner Guide

6. Transfer funds from CEX to DeFi wallet

Send funds to MetaMask. Pay gas fees on BSC and Avalanche. Test with small coins/tokens. Exchange $USDT with swap.
Jan 30, 2023
View Details
Beginner Guide

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Learn about the most common safety threads and how to protect your digital assets.
Aug 21, 2023
View Details
You Might Also be interested in
Sort by date
Beginner Guide

1. Decentralised Finance (DeFi)

Discover the world of DeFi: create a wallet and make secure P2P transactions.
Jan 24, 2023
View Details
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2. Creating HW and SW wallets

Create a cryptocurrency wallet: HW or SW. Ledger Nano X & MetaMask offer secure DeFi access. HW wallet for physical security, SW vulnerable to viruses.
Jan 24, 2023
View Details
Beginner Guide

3. Connecting SW and HW wallets

Link MetaMask SW and Ledger Nano X HW to securely protect digital assets with physical confirmation.
Jan 24, 2023
View Details