O3 Cross-Chain Wallet Docs
  • Welcome to O3 Cross-Chain Wallet
  • O3 Cross-Chain Wallet
  • Guides
    • 😃Quick Start
      • How to Download O3 Cross-Chain Wallet
      • How to Create an O3 Cross-Chain Wallet
      • Private Key / Secret Recovery Phrase / Keystore
      • How to Backup Your Wallet Safely\Properly
      • How to Import Different Wallets
      • How to Switch Between EVM-Chains
      • How to Add Custom Networks
      • How to Switch Wallet Network to BNB and OKC Chain
      • How to Import Assets from Other Wallets to O3 Cross-Chain Wallet
    • Manage Your Crypto Assets
      • What is My Wallet Address?
      • How to Add/Manage Assets
      • How to Send/Receive?
      • How to Set Up Fingerprint Recognition/Face ID?
      • What is Gas?
      • What is EIP-1559?
      • What is Data?
      • How to collect dApps?
    • Swap
      • How do I cross chain in O3 cross-chain wallet?
      • How to check real-time cross-chain progress and historical transactions?
      • How to set the slippage and transaction time limit?
    • 💡Wallet Q&A
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  • Gas Price
  • Gas Limit
  • How should I Select the Gas Fee when I Initiate a Transaction?
  1. Guides
  2. Manage Your Crypto Assets

What is Gas?

Whether it is the Ethereum network or other EVM-compatible networks, all operations on the blockchain need to consume Gas, just like a car needs to consume fuel.

Gas Fee = Gas Price * Gas Limit

Gas Price

In the Ethereum Network, Gas Price can be set by the users. The unit for gas price is Gwei, 1 Gwei = 10^9 Wei.

ETH, GWEI, WEI conversion: 1 ETH = 10^9 Gwei = 10^18 Wei

Gas Price is related to the transaction’s package speed. The higher the gas price you are willing to pay, the more incentivizing for miners to package your transaction on priority.

Gas Limit

Gas Limit is the maximum amount of gas a user can consume to conduct a transaction which is usually fixed at 21000 Gas. The Ethereum Yellowpaper pointed out that each transaction needs 21000 Gas, which is why the default gas limit setting in the Gas Fee page is 21000. If you need to change the gas fee, you can go to gas fee - customize - gas.

However, it is recommended that you do not set the gas fee lower than 21000.

How should I Select the Gas Fee when I Initiate a Transaction?

In the gas fee page, O3 offers three gas fee options: "Fast", "Optimal", "Slow". You can select the gas fee option according to your own transfer needs.

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Last updated 3 years ago