The more things you need to compute, for example, the more complex the smart contract is, the more computing power you require.įor example, transferring ETH will be much cheaper than transferring/swapping ERC20 tokens or minting/transferring NFT as it involves the execution of the smart contract for these assets. Gas is a unit of cost for computing things on the Ethereum blockchain. Ethereum network feesįor Ethereum and Ethereum-based cryptocurrencies, the network fees are set by the gas price and the gas limit. Otherwise, your transaction may get stuck in a queue for an undefined period of time until it will get dropped. Only select the advanced fees interface if you understand what you are doing. You can switch between the standard fees and the advanced fees interfaces in Ledger Live: Slow: the transaction will roughly be included within 6 blocks (about 60 min for Bitcoin).Medium: the transaction will roughly be included within 3 blocks (about 30 min for Bitcoin).

Fast: the transaction will roughly be included in the next block (about 10 min for Bitcoin).įor your convenience, Ledger Live dynamically estimates three levels of fees or allows custom fees for advanced users: Choose high fees if you require fast confirmation or lower fees if you can wait a while to save on fees. Miners will prioritize transactions that offer high fees. When sending crypto assets, the network fees you offer determine your priority in the queue of pending transactions. If the transactions are valid and the proof of work is sufficient, the miner may collect the fees offered in the included transactions, as a reward for the work done.The miner that proposes the next block of transactions to the network, has to provide proof of the amount of work done to create the block.The security of a blockchain network generally depends on the amount of work done by miners.The amount of fees affects the processing speed of the transaction. You can choose the amount of network fees to include when you create a transaction.

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