What Is the Difference between ‘Gas Limit’ and ‘Gas Used’?

The Gas Limit is the maximum amount of computational effort (Gas) a user is willing to pay for a transaction. It is set by the sender to prevent an infinite loop in a smart contract from draining their funds.

Gas Used is the actual amount of Gas consumed by the network to execute the transaction. If Gas Used exceeds the Gas Limit, the transaction fails, but the fee up to the limit is still consumed.