#Gas费影响 ### **I. Core Mechanism and Influencing Factors of Gas Fees**

1. **Definition and Function**

- **Gas fee** is the cost paid by users in a blockchain network (such as Ethereum) for executing transactions or smart contract operations, determined by both **Gas price (Gwei)** and **Gas consumption**, with the calculation formula: `Total cost = Gas price × Gas consumption`.

- Core functions include:

- **Network Security**: Incentivizes miners/validators to process transactions and prevents spam attacks.

- **Resource Allocation**: Prioritizes high-value transactions through a bidding mechanism.

2. **Factors Driving Price Fluctuations**

- **Network Congestion**: A surge in on-chain activities (such as NFT minting, DeFi liquidations) drives up Gas fees. For example, in May 2023, Ethereum's Gas fees surged past 200 Gwei due to the Memecoin craze.

- **Speculative Behavior**: Front-running and Sandwich Attacks artificially create Gas bidding wars.

- **EIP-1559 Mechanism**: The Ethereum upgrade introduced a dynamic adjustment of the base fee, but extreme market conditions still lead to surges in the priority fee.

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### **II. Direct Impact of Gas Fees on Users and Ecosystem**

1. **Increased Threshold for Ordinary Users**

- **Small Transactions Hindered**: The cost of transfers or DeFi interactions may exceed the operational value (for example, when Uniswap transaction Gas fees reach $50, transactions under $100 become unprofitable).

- **New User Attrition**: High Gas fees and complex fee mechanisms deter non-technical users and hinder widespread adoption.

2. **Pressure on Developers and Projects**

- **DApp Operating Costs**: Applications with high-frequency interactions (such as blockchain games, SocialFi) must optimize contracts to reduce Gas consumption, or user experience will deteriorate.

- **Multi-Chain Migration Trend**: Low Gas fee public chains like Solana ($0.00025/transaction) and Avalanche ($0.1) attract developers to migrate, diverting traffic from the Ethereum ecosystem.

3. **Market Behavior Distortion**

- **Institutional Advantage Strengthened**: Well-funded institutions can prioritize liquidation or arbitrage through high Gas fees, putting retail investors at a disadvantage.

- **MEV (Miner Extractable Value) Surge**: In 2023, Ethereum's MEV earnings exceeded $400 million, exacerbating market unfairness.