#GasFeeImpact Gas is the fee required to successfully conduct a transaction or execute a contract on the Ethereum blockchain platform. Fees are priced in tiny fractions of the cryptocurrency ether (ETH)—denominations called gwei (10-9 ETH). Gas is used to pay validators for the resources needed to conduct transactions.
The exact price of the gas is determined by supply, demand, and network capacity at the time of the transaction.
KEY TAKEAWAYS
On the Ethereum blockchain, gas refers to the cost necessary to perform a transaction on the network.
Gas prices are based on supply and demand for the network's validation requests.
Transaction prices are based on the gas limit and gas price.
Transaction prices are denoted in tiny fractions of ether called gwei or ETH.
