Determining the Base Fee Base fee: This refers to the minimum amount of gas required to include a transaction on the Ethereum blockchain. The Base Fee is determined by the Ethereum network rather than being set by end-users looking to transact or miners seeking to validate transactions. The Base Fee targets 50% full blocks and is based upon the contents of …
Category Archives: Gas Price
The highest gas price ever
The highest gas price ever observed was $196.683 in May 2022. The much-awaited Bored Ape Yacht Club “Otherside” metaverse land sale began, and its popularity just about wrecked Ethereum for everyone else. Gas fees, which increase based on network congestion, spiked to shocking levels, as high as 5,100 Gwei. https://etherscan.io/tx/0xf6f0ee20b4fb0ce054546cff512ce94a996ff270b49bd6a4b4369a1ca1295e50