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Gas settings
The Aurox Wallet tries to predict the network fees as accurately as possible. However, the blockchain fees are dynamic and can change from minute to minute.
Most EVM networks have the ability to set "gas limit". This is the maximum amount of gas a transaction can consume. Since the gas limit is the "maximum", the USD estimate the Aurox Wallet displays is based on the maximum cost of your transaction. In most cases, the transaction will cost much less.
The Aurox Wallet has 3 default settings:
- Low
- Medium (default)
- Fast
These settings allow you to quickly select how fast you want your transaction to process. If you want to save a bit of money on a transaction, set it to low. If you want a transaction to process quicker, set it to high.
In almost all cases, the medium setting will submit the transactions in an appropriate time.
The Aurox Wallet also allows you to set custom values for gas inputs. If you are a beginner, you should be very careful modifying these values. Modifying them incorrectly can cause transactions to not process or even worse, significantly overpaying for the transaction.
There's been previous cases where unsuspecting users have paid millions in network fees because of improper settings. Once a transaction is processed, there is no way to receive your funds back which also includes network fees. Aurox is not liable for any misconfiguration of network fees by the user.
The EIP1559 upgrade changed the way Ethereum and some other networks utilize gas. Before this upgrade, the network fees went to blockchain validators. With EIP1559, the network fee paid by the user is burned permanently and only the priority fee is provided to the validator.
Although all transactions with the proper base fee will be processed, increasing the priority fee significantly will change the order your transaction is processed in a block.
Each transaction is also submitted with a "Max Base Fee". This is usually a simple mathematical formula that takes the current network base fee and multiplies it by 1.5-2x the original value.
Unlike some other wallets, the Aurox Wallet allows input of "Base Fee" instead of "Max Base Fee". This is done specifically to make the user's experience easier. Most blockchain explorers and applications usually display base fee which makes it easier for a user to adjust the base fee rather than manually calculate the max base fee.
For more information about EIP1559 network fees, please visit the link below.
Last modified 10mo ago