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+What is gas: This is the fee you pay to create transactions on the blockchain, example: sending a token, minting an NFT, running a smart contract, swapping, etc. In Ethereum transactions, gas is a cruial element. Gas keeps Ethereum sybil-resistant by preventing malicious actors from overwhelming the network with fraudulent activities
+EIP-1559 changes: It made gas fees more predictable, transparent and deflationary by introducing a base fee which automatically adjusts depending on the congestion on the network so no more blind bidding wars, burning the base fee (removing some ETH from circulation), adding priority fees (to tip validators to process your transactions faster)
+What is slippage: The difference between the price you get when you want to create a transaction and the price you get when the transaction is confirmed, this can happen due to the market conditon. Slippage helps you set a particular fee you want to use to confirm transactions and not go above it. Slippage can be positive or negative, and it protects you from large losses due to change in price
+Link to twitter thread on Gas and Fees: https://x.com/juw0n_1/status/1941876507489509795?s=46