What Is a Mempool and How Does It Contribute to Fee Market Dynamics?
The mempool (memory pool) is a waiting area for unconfirmed transactions that have been broadcast to the network but not yet included in a block. Miners or validators select transactions from the mempool, usually prioritizing those with the highest fees.
A large mempool indicates network congestion, signaling users to raise their fees to compete for inclusion, thus directly driving fee market dynamics.
Glossar
Miners
Validation ⎊ The term "Miners," within cryptocurrency contexts, fundamentally denotes entities responsible for validating and adding new transaction records to a blockchain.
Mempool
Component ⎊ The Mempool is the waiting area where broadcasted but unconfirmed cryptocurrency transactions reside before being selected by a miner or validator for inclusion in the next block.
Validators
Role ⎊ Validators are the network participants, typically in Proof-of-Stake systems, responsible for verifying the correctness of new transactions and proposing new blocks to be added to the blockchain ledger.
Unconfirmed Transactions
Transaction ⎊ The designation "Unconfirmed Transactions" primarily arises within blockchain networks, notably Bitcoin and Ethereum, representing pending transactions awaiting inclusion in a subsequent block.