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.
Glossar
Gas
Mechanism ⎊ Gas, within the context of cryptocurrency and blockchain networks, represents the computational effort required to execute specific operations on an Ethereum Virtual Machine (EVM) compatible chain; it functions as a fee denominated in the native cryptocurrency, preventing denial-of-service attacks and incentivizing miners or validators to include transactions in blocks.
Gas Used
Metric ⎊ Gas used is the fundamental metric quantifying the total computational effort expended to execute a specific transaction or smart contract function on the blockchain.