Ethereum transactions fee

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Network Fees Explained: Bitcoin transaction fees, Ethereum gas fees
The cost you pay for a transaction on the Ethereum network is two-fold (as of EIP, Ethereum's transaction fee overhaul which came into effect in August. This transaction fee is paid only in ETH, which acts as the fuel for the entire Ethereum blockchain (and why it's referred to as 'gas'). You can see your. Daily transaction fees divided by the number of transactions made on the Ethereum network. Chart uses 7-day moving average.

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For this reason, gas fees are most commonly denominated in gwei � which equates to one billion wei. These base fees are then burnt to reduce the ETH circulating supply. For most users, relying on gwei as the base unit is the preferred means of tracking current gas fees.