Polygon PoS gas prices FAQ
What are gas prices on Polygon PoS?
Gas prices on Polygon PoS are the fees that users pay to have their transactions processed on the network. Gas prices are denominated in gwei, which is a unit of measurement equal to 0.000000001 MATIC.
What is the Token Tool gas price function?
Bitbond Token Tool provides real-time estimates of the current gas prices of Polygon PoS in a highly intuitive manner. This allows users to estimate the total costs upon carrying out a transaction.
What is the difference between the gas price and the gas fee?
Gas price: The gas price is the amount you are willing to pay for each unit of gas. Gas is the unit of measurement for the computational effort required to execute a transaction on the Polygon PoS blockchain.
Gas fee: The gas fee is the total cost of a transaction, which is calculated by multiplying the gas price by the gas limit.
What is the difference between gas price and gas limit?
Gas price is the amount of MATIC that you are willing to pay per unit of gas. Gas limit is the maximum amount of gas that you are willing to spend on your transaction. The gas limit is important because it prevents your transaction from being processed if it exceeds the amount of gas that you are willing to spend.
What factors affect gas price?
Several factors affect gas prices on Polygon PoS, including:
Network congestion: When the Polygon PoS network is congested, gas prices will be higher. This is because there is more demand for transaction processing, so users are willing to pay more to have their transactions processed faster.
Transaction complexity: Some transactions are more complex than others and require more computational power to process. These transactions will have higher gas prices.
The price of MATIC: Gas prices are also denominated in MATIC, so the price of MATIC will also affect gas prices. If the price of MATIC goes up, then gas prices will also go up.
How can I estimate the gas price for my transaction?
There are a few different ways to estimate the gas price for your transaction. One way is to use a gas price oracle such as Token Tool. Another way to estimate the gas price is to use a gas price calculator. A gas price calculator will estimate the gas price for your transaction based on the transaction type and complexity.
Why are gas prices so high on Polygon PoS right now?
A lot of people are using Polygon PoS to execute transactions, which is causing the network to get crowded. This means that there is more demand for block space, which drives up the price of gas. The network is also still relatively new, and its infrastructure is not yet fully optimized. This can sometimes lead to congestion and higher gas prices. Finally, the price of MATIC, the native token of the Polygon network, has been increasing in recent months. This has also contributed to the rise in gas prices
How can I lower the gas price for my transaction?
There are a few things you can do to lower the gas price for your transaction:
Wait for network congestion to decrease: If you can wait, you may be able to get a lower gas price by waiting for network congestion to decrease.
Use a gas price calculator: A gas price calculator can help you estimate the lowest gas price that you can get away with for your transaction.
Use a batching service: A batching service can help you group multiple transactions together into a single transaction. This can reduce the overall gas cost of your transactions.
What happens if my gas limit is too low or too high?
If your gas limit is too low, your transaction will be dropped from the network. This means that your transaction will not be processed and you will not be charged any gas fees. However, you will need to resubmit your transaction with a higher gas limit.
If your gas limit is too high, you will be charged for more gas than your transaction actually requires. However, the excess gas will be refunded to you.
What is the difference between the fast, average, and slow gas prices?
The fast, average, and slow gas prices are estimates of how much you need to pay to get your transaction processed quickly. The higher the gas price, the faster your transaction will be processed. However, higher gas prices also mean that you will pay more in fees. In general, it is a good idea to use the average gas price unless you are in a hurry to get your transaction processed. If you are on a tight budget, you can try using the slow gas price, but your transaction may take longer to be processed.
Here is a table that summarizes the differences between the fast, average, and slow gas prices:
| Gas Price | Speed | Fees |
|---|---|---|
| Fast | Fastest | Highest |
| Average | Average | Average |
| Slow | Slowest | Lowest |
