Can I save money on transaction fees?
I have to pay a lot in gas fees to do anything with my Ethereum. Is there a way I can save money on the gas fees?
To post an answer, please !
1000% yes! You can almost always save at least 50% or more on transaction fees by setting your own gas prices. Almost no one knows how to do this, but once you learn, it's super easy. All you have to do is use MetaMask to set the gas price to be whatever the amount you are willing to pay and it will wait to execute the transaction until the gas price hits the price you set.
How to change the gas price
Let's say you're buying an Addy on OpenSea. When you hit the button to place a bid, MetaMask opens to a screen like this:
To change your gas fees, you'll have to click on the EDIT button. You'll see a few options that look like this:
The box you'll want to actually change is the "Max fee (GWEI)" option. By default, it displays the current price of gas. However, you can change that to whatever price you are willing to pay for gas, and the transaction will eventually go through once the price of gas falls to that level.
As of April 2022, I'd usually recommend setting the gas price between 20 and 40 gwei for transactions that don’t need to go through immediately, and that you are willing to wait up to ~24 hours to complete. If you set your gas fee this low, it will probably show the following message:
Don’t worry about this! It is just saying that it won’t go through with this gas price right now, because the network is currently busy (which means gas is high). When the network congestion slows down, the gas price will also lower, and when it falls to the same price as you set, the transaction will execute.
Once you do this, you will see the pending transaction in your MetaMask wallet history (Please note that when there is a pending transaction, unless you cancel your transaction, you can’t make another transaction):
As you can see, there is an option to “Speed Up” the transaction, so in case the network keeps being congested much longer than expected and you can’t make the transaction by the time you want to, you can always speed up the process by pressing Speed Up and set a new gas price. Because you can always speed up transactions later, it’s always worth setting the gas price low at first and then speed it up later if needed.
Here's a quick video of the full flow. just to show you how easy it is to change your gas in MetaMask!
If you want to learn more about Ethereum gas fees, you can check out this article by our CEO Mai!
Here's a tip to save on gas if you are buying an NFT from a marketplace, like Opensea. Sometimes marketplace NFT prices are close to, or actually better than mint prices. So if you make an offer in WETH (wrapped ETH). This way, the person who accepts the offer pays the transaction fee. I typically discount floor prices by 15-20%, unless I want a token quickly. For instance, if I want to buy another Curious Addy's NFT, I may swap my ETH to wETH in my wallet (enough to cover the cost of one Addy's NFT) and make offers on 5-10 Addy's pieces that are already on sale, and some not even on sale. As soon as one person accepts it, they get my wETH, pay the gas for the transaction and their NFT gets transferred to me; plus, all the other remaining offers that I placed get cancelled for me. It's a great way to collect tokens from your favourite projects, save ETH, save on gas, and allow sellers who want liquidity to see offers and accept them of their own free will. Try it!
Yes, there are. If you're looking to buy Multiple NFTs just follow the below steps Step1: Go to Genie.xyz Step2: Search Collections by using the search bar or you can pick trending collections nft. If you're looking nft community is there. Step 3: Connect your wallet (Currently, genie is supporting MetaMask, Coinbase, Mobile wallet) Step4: Once you choose your NFT Collection add it to bag Step 5: Complete the transaction by paying Step 6: Sit tight and sip Juice. And, check your wallet after sometime. You saved 40% of gas fees nearly.
Here's another helpful guide that I use related to the timing in which I choose to purchase NFTs using ETH. It's in EDT/EST, so simply convert it to your time zone. Hope this helps!