What Is GAS? Ethereum HIGH Transaction Fees Explained

So what exactly is gas? Why are transaction fees so high at the moment? And what are some of the ways to make the transaction cost lower? You’ll find answers to these questions in this video.
Gas is a unit used for measuring the amount of computational effort required to perform specific actions on the Ethereum blockchain.
The name itself hasn’t been chosen by accident. Similarly to gasoline fueling a car and allowing it to drive, gas on the Ethereum network fuels transactions and allows them to perform different operations.
Every operation on the Ethereum blockchain, or to be precise on the Ethereum Virtual Machine (EVM), has an associated gas cost. For example: adding 2 numbers costs 3 gas; getting the balance of an account - 400 gas; sending a transaction - 21,000 gas.
Smart contracts usually consist of multiple operations that together can cost even hundreds of thousands of gas.
What is interesting is that the gas cost by itself doesn’t tell us how much we have to pay for a particular transaction. To calculate the transaction fee we have to multiply the gas cost by gas price.
The gas price is measured in gwei - a smaller unit than ether where 1 gwei equals 0.000000001 ETH. We can think about it as a major and a minor unit similarly to dollars and cents.
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[@Finematics]

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Good luck with low gas fees 🤣

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At least something awesome out of today's "hard way" of learning about Gas by spending quite a steep amount for a fairly small transaction was to find your channel!
I already spent about an hour watching your videos and learning quite a lot already! Thank you!

[@Jeanneellis2000]

Alfredo del Arenal, I know what you mean, I too am here because I wanted to move my ETH from Coinbase to my Ledger Nano X it cost me half my ETH in gas ⛽️ fees 🥴 Live and learn. I am so happy to have found this Channel. I won’t make that mistake again. 😄

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@@Jeanneellis2000 So where do you store your ETH?

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[@Finematics]

great to hear! thanks :)

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The best channel
I have seen explaining something so obscure .

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hope this is the case since it so annoying to know that the current financial system is fcking bs

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Or we are just playing with something that will never make it to a real world.

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Yes, paying 20 USDC on fees when I want to transfer 25 USDC is amazing.

[@venM9]

@@ReyZar666 really? So these gas prices for the ethereum are just fine to you, right?
Its highway robbery.
I would rather take my chances with the current monetary system than this overly complicated geek system.

[@TurtleFootMining]

From what I understand Imagine buying a $10 ice cream and being charged $100 to buy that ice cream to eat. But if you buy the $10 ice cream at 3am in the morning your only charged $50 dollars to eat that $10 ice cream?

[@sovereignberserk1346]

Extremely well explained. Thanks for this great video!

[@Finematics]

Thanks. Glad it was helpful! :)

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[@Finematics]

thanks! :)

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[@Finematics]

Thanks!

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My eyes glazed over and I zoned out. Maybe I'm not smart enough to understand. But great video!!

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love this explanation, straight forward and easy to understand

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This channel is easily the best at explaining all crypto concepts, such high production quality and great writing.

[@Finematics]

Thanks! :)

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Thanks for great content

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Awesome explanation, thank you!

[@PaulTheEldritchCat]

Excellent video (and channel).
I'm quite new to all this crypto universe, and there are so many concepts to grasp. Smart contracts and gas were quite nebulous to me, now it's much better. Thank you !

[@dareos3437]

Nice Video. Really liked how you explained the gas fees and what a gwei is. Mentioning EIP 1559 and how it is upposed to stablice the fees was great as well. Right now I only understand the proof of stake solution so I like that one the most.

[@vancityexe]

Nice surprise seeing Loopring mentioned. Thanks for the clear explanation.

[@GeoStavropoulos]

I simply love your content and channel, mate! Easy to follow and understand all these complex concepts. would you consider doing a video on other ecosystems such as zilliqa or waves? they have both recently launched their own DEX (and they solve the gas fees problem) and so, I'd like to hear your opinion on these. cheers!

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Great explainer. Thank you.

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I like to thank the author for this video since even being a beginner, I could understand and gain complete confidence in the topic...Thank you

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solid content as always!

[@Finematics]

thanks :)

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Best content on DeFi - no question about it!

[@Finematics]

Thanks! :)

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Brilliant videos, I hope to make content half as good. Keep it going!

[@Finematics]

Thanks! All the best with your content! :)

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Finally a crypto channel not about the hype!
I'm interested in crypto but some ideas are still too new to take in.
Can you explain the synthetic assets in the future? The benefits, its use cases, and the projects currently working on it?
Thank you so much for providing an educational channel for crypto space!

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Best education videos on defi!! Keep it coming.
Can you do a video on tokenomics?

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Thanks so much for the great videos! If you could do us a favor and in the description, ALSO add links to the separate videos you mention with the video, that would be great!

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"The Internet of Money should not cost 5 cents per transaction. Its absurd!" - Vitalik
Genius.

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The hand animation was really cool

[@RagePrinceOfFire]

Wow! Amazing explanation!

[@Finematics]

thanks!

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Thank you for creating this! Subbed.

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I love your videos! Thanks

[@Finematics]

Great to hear! Thanks :)

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This is an extremely good video.

[@Finematics]

thanks!

[@santiagopabloortiz6322]

This video is actually really good. Amazing material, as always.
It would be really nice to have a video about some technical explanation about the diference in different layer 2 scaling solutions, optimistic roll ups, zk-roll ups, plasma + pos (which as far as I know does not inherit ETH security).
Thanks as always!

[@Finematics]

there is one on Layer 2, but I'm also making a new one on rollups

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Brilliant!

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very clean animations, me like

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Just a few days back I was searching for an explanation on GAS and the first thing that came to my mind was to see if this channel had already made a video on it :D Thankfully he uploads it today.

[@austinv183]

Does this not make ethereum effectively useless as a currency? why the hell is anyone using a currency with a $50 transaction fee? why would anyone want to use a network like that?

[@Kategan]

So much knowledge in one video. I will need to re-watch it to grasp all of it! Very informative. Thanks mate.

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Great to hear! :)

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Great to hear! Thanks :)

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thank you

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That was an excellent video, full of fantastic information. Very thorough and really well explained. Thank you for putting in the time to create this, amazing work.

[@Finematics]

Thanks! Glad it was helpful :)

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Love the video, very useful. Would love more videos about other cryptos, thanks

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Good video
These fees are very annoying

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Amazing video!

[@Finematics]

Thanks!

[@dinutodor]

Very nice touch there at the end bringing awareness to the community in a subtle way. Cutting back on decentralization and security is not the vision that appeared a decade ago. Very well informed video and would really love to hear your opinion on the SPoS consensus (Ouroboros) used by Cardano, tokens treated as first class citizens and the general aspect of decentralization brought by a scientific peer review system. Thanks :)

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Thanks! :)

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Your content is amazing! ❤️

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As always..!

[@Finematics]

thanks! :)

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Thanks!

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I didn't wait to smash that like bro, love the content

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thanks!! 💛

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Man I wish I could draw like you, so satisfying

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*Great* educational content

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thanks!

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Fantastic video. I spent the weekend reading up on defi so this summarised my learning perfectly. Much appreciated!

[@Finematics]

Great to hear! Thanks :)

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Thanks so much. I was so confused. You deserve a sub and Like :)))))))

[@ilyamar812]

Hello! Thank you for your amazing videos!
Please do the explainer on Polkadot future ecosystem, and how it's different from what we have now, cheers:)

[@ScreaminglyRunning]

dope. thank you daddy finematics. this actually made a lot of things make more sense like "smart contracts r on the eth blockchain" and all i could picture was pieces of paper in space. but it makes a little more sense now

[@Finematics]

Glad to hear the video was helpful :)

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Great content!

[@ikust007]

Brilliant

[@microbeerreviews]

Now it makes sense!!!

[@keerthanv.v.3599]

Great video, im trying to wrap my head around the Transaction failure part.
You said if there no enough GAS left then the transaction fails and the transaction fee will still be charged. Who estimates the GAS fee? And if we are paying the GAS upfront why would the GAS get exhausted before performing all the operation? Is it because of the estimate being lesser than required GAS?

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thanks

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Clear, complete and entertaining content, as always. Thanks you for sharing, I think you provide the best content to learn key concepts in the crypto space. Keep it this way!

[@Finematics]

Thanks! :)

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Great video, thank you for such content!

[@Finematics]

Thanks! You're welcome :)

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Good vid

[@ygovfinancegovernancestaki1905]

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[@jorgehernandez6259]

Hello, could you make a video explaining all the layers of the blockchain and how they relate to each other?

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Can you make a video that shortly explains all the main coins? To give an idea of what the coin/company is about and the importance of it in the entire system. Thank you! Your videos are great.

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[@chrisg220]

You mentioned the rise of alternative chains that aren't quite decentralized or permissionless. Which ones are those?

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Very interested in this also

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Each time you upload a video it uploaded to my brain by watching it 2 times minimum,
Thank you very much for the work you do, by the way I will join pateon when I finish watching all your videos in this Chanel.

[@Finematics]

Great to hear! Thanks :)

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Dude your vids are so well done and easy to fallow, keep it up, looking forward to eth 2.0

[@deamon506]

Me trying to buy $75 worth of Shiba coin and seeing the gas price being $115 😬

[@klc_257]

Was at $400 when I tried🥲

[@MrPrinzStar]

@@klc_257 same here. it is insane

[@danymmmdoodoodoo7303]

the gas fee is now $6500.

[@klc_257]

@@danymmmdoodoodoo7303 lmao at this point I wish gas fee was a coin

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ggwp for getting a meaningless petcoin. sheesh.

[@wizdude]

Good video. We were performing some ETH transfers today and were shocked by the gas charges. Performing a defi transfer of $200 cost $50. That’s a 25% fee. The estimated fee for a $50 transfer was $25. I can’t see how eth will survive given these high costs. On the next rise of eth I’m pulling everything out.

[@sushiswapwbtc79]

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[@nowhere8130]

Just lost $18 moving $35 to a wallet. I don’t want to buy ETH at all if I can’t actually own it without paying that much.

[@dominikkkkkkkkkkkkk]

Yes ETH fees are a joke

[@QeemoNas]

Could make a video on zilliqa sharding and scalability. :)

[@agoetz21]

We are ready for next video its been a week.....

[@albertbakus1072]

Great video! Where are you from btw? Just wondering since you got a pretty thick accent

[@abyteuser6297]

Great explanation about Gas... thank you

[@oilreg434]

Great Explainer Video... as always .... i just dont get how you could have missed xdaichain as true sisterchain to the mainnet in the video?

[@anon12three4]

great visualizations, subscribed! what software is used to create this?

[@Finematics]

thanks, videoscribe

[@salmanahmedqureshi4463]

Please make a video on proof of state vs proof of work

[@rendiwijiatmoko]

Thanks for the explanation

[@Finematics]

You're welcome! :)

[@therealzovictor]

explanation is good just a suggestion please try to dilute it down more for beginners and non newbies mate :)

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Forget the gas, who can draw like that? Perfect.

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can you make a video about the flare network? And how it works. :)

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2nd... Good content 👍. Just discovered your channel. I always smash the like button. Even if i dont understand the content for 100%

[@Finematics]

Thanks! I hope some concepts will be easier and easier to understand with each new video :)