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Gas and gas fee Oduyemi Al-ameen #22

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Create Gas_gasfee_slippage_ wallet_ Oduyemi Al-ameen
lameenlade Jul 7, 2025
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Update Gas_gasfee_slippage_ wallet_ Oduyemi Al-ameen
lameenlade Jul 7, 2025
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https://x.com/lameen2764/status/1942222487455948838?t=ghc5H307S1uLHlyzkeUntg&s=19

Ether (ETH) is Ethereum's native cryptocurrency, acting as the fundamental asset for transactions and operations on the Ethereum blockchain.
Ethereum Gas and Fees:
* Gas: A unit measuring the computational effort for an operation on Ethereum. More complex operations consume more gas.
* Fee: The cost of a transaction, calculated as Gas Units Consumed × Gas Price. Paid in ETH.
EIP-1559 Fee Structure:
* Base Fee: A dynamic, protocol-set fee that is burned (removed from circulation), adjusted based on network congestion.
* Priority Fee (Tip): An optional payment to validators for faster transaction inclusion.
* Users specify a maxFeePerGas and maxPriorityFeePerGas. The protocol charges the sum of the actual base fee and priority fee, refunding any excess from maxFeePerGas. This system improves fee predictability.
Slippage:
* The difference between an expected transaction outcome (e.g., price, gas cost) and its actual outcome upon execute Users set "slippage tolerance" to manage this risk, preventing transactions if costs exceed a set threshold.