#GasFeeImpact are the transaction costs required to perform operations on blockchain networks, particularly the Ethereum network. These fees are used to compensate miners or validators for the computing resources and energy in processing and verifying transactions. Gas fees are measured in the unit “Gwei”, where 1 Ether (ETH) equals 1 billion Gwei. The fee is calculated by multiplying the maximum number of gas units that the transaction can by the price of the amount the user is willing to pay for each gas unit. Fees are affected by several factors, the most important of which are:

Transaction complexity

Network congestion: Demand for transactions increases during peak hours, resulting in higher fees.

Smart contract interactions: Executing smart contracts requires more computing resources, which increases costs compared to simple transactions.