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Gas Fee




Gas fee or transaction fee refers to the fee paid in the blockchain network to execute transactions or run smart contracts. Validators in the blockchain have to use major computational resources to solve complex mathematical problems in order to process transactions into a block. Thus, gas fees are paid to validators as an incentive to ensure transactions are continuously added to the blockchain. Gas fees are commonly paid in the native cryptocurrency of the blockchain and fees vary depending on the transaction amount and network activity. Gas fees are an important aspect of a blockchain network as it ensures the efficient use of resources and as an incentive for crypto users to prioritize valuable transactions.

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