How Is the Total Transaction Fee Calculated Using the Gas Price?
The total transaction fee is calculated by multiplying the total amount of 'gas' consumed by the transaction by the current 'gas price.' Total Fee = Gas Used Gas Price. The Gas Used is determined by the complexity of the smart contract execution, while the Gas Price is the cost per unit of gas, which fluctuates based on network demand and is paid in the network's native currency.
Glossar
Total Transaction Fee
Cost ⎊ Total Transaction Fee represents the aggregate of all charges incurred during the execution of a financial operation, encompassing brokerage fees, exchange fees, clearing costs, and regulatory levies.
Gas Fee
Mechanism ⎊ Gas fees represent the computational cost required to execute a transaction or smart contract on a blockchain network, particularly Ethereum and its Layer-2 solutions, functioning as a deterrent against denial-of-service attacks and a reward for network validators.