If you have already worked with the Ethereum blockchain, then you must have been caught up in the high fees of this network and sometimes you had to pay a high fee to perform a transaction. High cost of transactions One of the biggest problems is the Ethereum network, and the Polygan project has started its activity in order to solve this problem. Polygan’s fee is very economical compared to the transaction cost of the Ethereum network, and users can operate in this blockchain network with much lower costs.
In the continuation of this article, we will fully examine the rate of Polygan network, compare it with other blockchain networks and the method of reducing costs in conducting transactions.
How much is the transaction fee in Poligan network?
Polygon Network’s main focus is on providing high scalability. For this purpose, this network is trying for users to make their transactions by paying the lowest cost and the highest speed. When talking about fees, it means the fee that must be paid to the network to create a transaction on the blockchain platform. The cost of performing a simple transaction (transferring assets from one wallet to another wallet) in the Polygon network is approximately equal to 0.001 Metic, which at the current price of this cryptocurrency ($1.01) can be said to cost every 1000 transactions in this network. It will be equal to 1 dollar. Of course, keep in mind that this amount depends on various indicators that we will discuss further.
But in general, Poligan’s fees are very low and it is a suitable network for transferring cryptocurrencies. This network can even be used as a payment method on a wide scale.
How to calculate Polygan fee
If you have been active in the cryptocurrency market, then you have probably heard the phrase Ethereum gas, but what does this phrase mean? In blockchains such as Polygon, Ethereum or other blockchains, per transaction is a function of gas cost (Gas Price) and amount of gas (Gas Limit) In fact, the cost of a transaction is the product of two mentioned items. In the following, we will learn more about each of the cases.
What is the gas price in Paligan network?
In blockchain networks like Polygon, there are validators (Nodes) that process and check transactions by providing their operational power. The operational power of these validators is measured with a unit called Gas. In each blockchain, this amount has its own value and price, which is calculated according to the native coin of that blockchain. For example, at the time of writing this article, the value of each gas unit in the Polygan network is equal to 0.000000045663 Metic currency. But keep in mind that according to the amount of demand from users of a blockchain, this amount can change; For this purpose, as the number of transactions increases, the price of each gas unit will also increase.
What is the amount of gas (Gas Limit) in Polygan network?
Gas value refers to the maximum throughput required by a validator to confirm a transaction. As mentioned above, operational capacity with units named Gus is defined For example, when we set the Gas Limit of a transaction to 21,000 units, it means that we expect the validator to provide up to 21,000 units of throughput to check a transaction. To perform a simple transaction on the Polygon network, you must set the amount of gas to 21,000 (of course, keep in mind that the wallet selects this amount by default when performing this transaction). As a result, this amount is multiplied by the gas price and determines the amount of fee. For example, we can multiply the current gas cost of the Paligan network, which is equal to 0.00000004566 units, by the number 21000 and get the Paligan fee, which is approximately equal to 0.00096 units. Of course, keep in mind that this amount is in Matic cryptocurrency, and to get the dollar value, you must multiply it by the current price of Matic, which considering its current price (1.01), the cost of a transaction on the Polygon platform is approximately equal to It will be $0.001!
What factors does Poligan’s fee depend on?
As we found out above, the cost of a transaction in blockchain networks is a function of two variables called Gas Limit and Gas Price. But these two are changed under certain conditions, and as a result, the transaction cost in a blockchain network may increase or decrease. In the following, we will examine the effective factors in determining the amount of Paligan’s fee.
Poligan network traffic
The main factor in the fee rate of a network is the traffic of that network; For this purpose, the more the number of transactions in a network increases, the traffic of that network will increase and as a result, the cost of transactions will increase. When the number of transactions increases, the gas cost, or the cost required to provide a unit of operational throughput, also increases. This is the most influential factor in determining gas fee and transaction cost. However, keep in mind that in scalable networks such as Polygon, these changes are not very significant.
Metic currency price
As discussed above, gas cost is a function of the price of a blockchain’s native coin. For example, an increase in the price of Metic can increase the cost of gas and, as a result, the fee of Paligan network.
For more information about the price of this cryptocurrency, I suggest you refer to Metic’s analysis page.
Transaction type
In Polygon, as in other blockchains, there are different types of transactions, for example, a transaction where you mint an NFT is different from a transaction where you transfer Metic currency from one wallet to another. Usually, when users are dealing with smart contracts (especially of the complex type), they demand a higher throughput from validators than when they perform a simple transaction, and as a result, the amount of gas (Gas limit) must be higher to perform these transactions. be In general, it should be said that depending on the type of transaction, the amount of gas may change, and the higher this amount is, the cost of the transaction will increase.
Comparison of Poligan network fees with other blockchain networks
So far in the article, we have learned how to calculate the Poligan fee and the effective factors in determining it; But the question that may arise for many users is, how is the transaction fee of the Polygon network compared to other blockchain networks, and which network is the most cost-effective to conduct a transaction? Next, we will compare Paligan’s fees with other networks.
Comparison of the cost of transactions in the Polygon network and the Ethereum network
As we mentioned at the beginning of the article, sometimes the cost of transactions in the Ethereum network increases dramatically and discourages users from working with this network. At the time of writing this article, the cost of gas in the Ethereum network is equal to 0.000000039 Ether units (39 GWEI), which by multiplying by its current price ($1650) will be equal to $0.000064. Meanwhile, the same amount in Polygan network is equal to 0.000000045 dollars. (The Ethereum network is almost 1400 times more expensive!)
Keep in mind that the amount of gas (Gas Limit) required to perform a simple transaction in both blockchains is equal to 21,000 units; As a result, the cost of a simple transaction on the Ethereum network is $1.34; While Polygan’s fee is less than $0.001.
For more information regarding Polygon platform transactions, you can go to Explorer Polygonscan See.
Comparison of transaction cost in Polygan network and Binance smart chain
Binance Smart Chain (BSC), like the Polygon blockchain, has a high focus on increasing scalability, and the fee rate in this network is relatively low. At the time of writing this article, the cost of gas in the Binance smart chain is equal to 0.00000005 BNB units, which according to the current price of this cryptocurrency ($300) will be 0.0000015 dollars (approximately 30 times that of the Polygon network). Since in the smart chain of Binance, like Polygan and Ethereum, the amount of gas needed to perform a simple transaction is equal to 21,000 units, as a result, the fees of this network are almost 30 times higher than the Polygan network.
How to reduce Paligan network fees
In the previous parts, we got acquainted with three variables affecting Poligan’s fee, namely gas rate, gas quantity and Metic price; The price of metic is mainly determined according to the supply and demand of the market, and the price of gas is determined according to the network traffic, so these two items cannot be changed by the user. But the gas limit, or the amount of gas, can be changed by the user, so when making a transaction in a Polygon wallet, an option called Gas limit will be displayed for you and you can change it. However, keep in mind that if you reduce Polygan’s fee too much, your transaction may not be approved by validators. On the other hand, if time is important for your transaction, you can increase it. Note that validators first approve transactions that pay higher fees.
To change the amount of gas in the TrustVolt wallet, after specifying the desired address and amount, click on the Next option and then select the settings option (rotator) at the top of the page, change the Gas Limit and at the end, select the Save option. touch
Of course, keep in mind that doing this in scalable networks like Polygon doesn’t have that much impact, and its impact is much more impressive in networks with lower scalability like Ethereum.
Is the transaction fee in Polygan network appropriate?
To answer this question, we must first address the reason for receiving transaction fees. Every project needs to generate income to continue its process, one of the ways to generate income for validators, which are also the pillars of a blockchain, is to receive the same transaction fees.
The second reason is to avoid Didas attacks (DDOS) and spam, so that if the transaction cost is very low, abusers can create a large number of transactions with a low cost and disrupt the network process. According to the two mentioned cases, it can be concluded that while low fees can attract users’ satisfaction, but from another point of view, it can be problematic for the network, and this balance must always be maintained. But in general, the Paligan network is a very scalable network, and by offering very low fees, it can be a suitable platform for conducting all kinds of transactions at a very reasonable cost for users.
How much is Poligan’s writing fee? How to calculate the transaction cost in the Polygan network, first time on the Wallex blog. appeared.
