Gas Price
Also known as: Transaction Fee Rate, Gwei Price, Ethereum Gas Bid
The amount of cryptocurrency a user is willing to pay per unit of gas to execute operations on a blockchain.
Gas price is a key component in determining the transaction fee on Ethereum and similar blockchains. It represents the amount a user is willing to pay per unit of gas, usually measured in gwei (a small denomination of ETH). Combined with the gas limit, it defines the maximum cost of a transaction. Higher gas prices incentivize validators to prioritize a transaction, especially during network congestion. Since EIP-1559, Ethereum uses a base fee (burned) and a priority fee (tip), but users can still adjust gas prices to affect transaction speed and inclusion.