How can I reduce the cost of gas?
Gas is very volatile. Doing a simple task can get very expensive if done at the wrong time. Is there a better way than just waiting for the price of gas to drop?
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Note: if you lower the GAS price the transaction will take longer to perform If you are using MetaMask, click on the Account icon, settings, advance and enable advance gas controls. Now whenever you perform a task with MetaMask "EDIT" button will allow you to modify the price of GAS (max fee). Be careful not to lower the GAS limit which could lead to the failure of the transaction hence the loss of your GAS expenditures. The max priority fee is the miner's "tip" to give priority over others in registering your transaction. You can leave it like that.
How to chose the GAS price?
You can go to Etherscan (i.e. in MetaMask's activity tab you can click on a transaction and examine its status by clicking on "View on block explorer") and on the top you can click on the gas price, expressed in Gwei. This will lead you to https://etherscan.io/gastracker which shows you the current GAS prices. If you want to choose a different GAS price look at the Historical Gas Oracle Prices to do an educated guess.
Hi :)
There are possibilities indeed to reduce cost of GAS but you need to be aware about the following before going forward:
- Reducing gas might results in failed transaction, it mean you might end by loosing money.
So now how to proceed : if you are pretty sure gas will be lower during the day / night and the transaction you want to issue is not time sensitive (for instance minting a new hyped project is time sensitive) you can modify parameter of the transaction is the metamask. Please check the image posted to follow the instructions :
1- when issuing a transaction you will have the following screen, click on EDIT 2- the new window will pop up, you can go from medium to low (3) 3- you see the price is declining (here not too much because gas a quite low) 4- by clicking on Advanced Options you have more parameters --> NEVER CHANGE GAS LIMIT too touchy and not in the current subject 5- you can change the value of max fee to the desirated value but here for instance by entering 10 gwei will never be above 10 it mean, gwei need to decrease below to have hope the transaction to be executed.
Then Save the change and confirm the transaction.
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