Hearing the name Gas may remind you of car gasoline or distract you. But the term is a little different in digital currencies. Gas is generally known as the unit for measuring computational operations for processes in the Ethereum. So to use Metamask Wallet and its functions, you have to pay Gas.
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You need to pay for Gas for everything you want to do in the Ethereum world. For example, to make a transaction, buy and sell, and withdraw money to buy NFT. All of this requires you to pay for Gas. Gas is a toll cost when you want to cross a highway. The heavier your car, the more you have to pay for tolls. The same is true of Ethereum transactions. The heavier your calculations, the more Gas you have to pay for.
What is Gas limit?
Any Gas pays with Gwei, and this value is exactly equal to .000000001 Ethereum. You must specify two values for each Ethereum transaction. What is the Gas Limit, and Gas price. According to the formula, gas limit * gas price = gas fee, the final amount you have to pay to complete the transaction.
Of course, in the Metamask wallet, this is done automatically, and you do not need to do the calculations manually.
Where is the cost of Gas stored?
You may be wondering why you have to determine the gas ceiling and its price? In general, in the Ethereum Blockchain, one block is formed every 13 seconds, and you compete with millions of other people per second to place your transaction in these blocks. Suppose that you want to make an Ethereum transaction simultaneously; precisely, one million other people want to register the transaction in the Blockchain, so there must be a prioritization in between. For the amount you set for Gas, you prioritize the function. The higher this amount, the faster your transaction will be done.
There is a section in the Blockchain called mempool. Each person transaction who submits to the Blockchain is placed in the mempool based on prioritization. They wait for the rest of the transactions to be completed and then exit the queue and accept the form. In this case, to increase the speed of transaction confirmation, miners place it in a block close to the mempool so that they can always discover a new block as quickly as possible.
The more Gas you specify for your transaction than other people, the more likely it is that your function will be placed in a new block by a miner. Therefore, the principle of competition in transactions on the Ethereum Blockchain will be established.
Transactions take so long
If you reduce the cost of Gas, the time of your transaction will be very long. Why? Because miners are more interested in prioritizing people who pay more for Gas and recording their transactions.
The situation is the same in the Metamask wallet. There are two options for trading on Metamask, gas price and gas limit. Based on this, Blockchain prioritizes your transaction.
To set the gas price and gas limit in Metamask, follow the following methods to reach the fastest type of transaction.
- By confirming a process in the FOAM map, you can open the Metamask confirmation page for the transaction.
- Find Gas Fee first.
- Click here next to Gas Fee ’and specify the number you want for the price and range.
- Then you have to find the average gas cost in Ethereum.
- In another tab, visit ETH Gas Station.
- There you will find the ‘Gas Price SafeLow.’
- Note that for most transactions, this option must be less than 30 minutes.
- If you are in a hurry to complete your transaction, you can set it to less than 5 minutes in standard mode and less than 2 minutes in fast mode.
- Now open Metamask on your browser and enter its first page.
- In the Gas Price field, enter the price from ETH Gas Station.
- In the Gas Limit field, enter 500,000 units.
- There is a direct relationship between the maximum amount of Gas specified by you and the faster the transaction. Of course, this amount should not exceed the transaction itself, and you should be careful in this regard.
- Click ‘SAVE’ to save your custom gas fee.
- Click ‘CONFIRM’ to submit your transaction.
Ethereum Blockchain system uses Gas to increase competition. If this cost did not exist, neither miners could perform certain activities, nor would transactions be completed on time. Therefore, one of the essential options for circulating the Ethereum Gas system is to edit or specify it in the Metamask wallet easily.