If not new to the crypto world, you would be quite familiar with the term “Gas Fees”. Since paying of this transaction fee is among the least enjoyable parts of a DeFi ecosystem, most of the crypto users want to pay lower gas fees.
Here, we are going to discuss the possible ways to achieve this goal. If interested, please continue reading.
Gas Fees Explained
Prior to discussing how to lower gas fees on Metamask, it would be appropriate to talk about ‘Gas Fee’. This particular term relates to a fee that you need to pay when making a transaction via your crypto wallet.
The concept of charging a transaction fee isn’t new. In fact, being account holders of a traditional bank, most of us are used to paying transaction charges. Similarly, you are asked to pay the gas fee when making crypto transactions.
Ethereum was the first cryptocurrency network that introduced gas fees. You are also bound to pay the transaction fees when making transactions via a MetaMask wallet.
Miners do prefer lucrative transactions when it comes to processing and validating crypto transactions. Hence, you must act wisely when choosing the gas fee. This would help to successfully process your transaction.
In fact, making a good offer enhances the chances of getting your transaction validated and processed by the miners. In most of the cases, the transaction can be processed immediately by making a higher offer.
On the contrary, if you choose low gas fees, the transaction would stay in the queue for a longer than expected period. Metamask users can select the gas fees before making a transaction. By doing so, you can lower the gas fee.
Ways to Lower Gas Fees on Metamask
The gas fees may vary depending on various factors. One of these aspects is the congestion on the Ethereum network. However, it is possible to manipulate the gas fees to some extent.
You can do this by introducing some changes to your Metamask wallet. If you have plans to send Ethereum or use a dApp, make sure that the settings of your Metamask wallet are correct and appropriate.
Given below are a few of the ways in which you can lower the gas fees on Metamask.
1. You can Try Setting up Maximum Gas Limit
To start with, just log in to a MetaMask wallet and tap on the “Send” section. In this section, you have to provide the amount and recipient’s crypto wallet address.
However, you need to be careful when defining your gas price and gas limit. This is so, as the gas fee shouldn’t exceed the actual upper limit during any given instance.
While using Metamask, it is advised to tap the “Low” option when choosing the gas fees. You can do this before finalizing the transaction.
Here, you can customize the gas fees limit. For this purpose, you need to tap on the “Advanced Option”.
By unfolding this section, you can monitor the gas price and gas limit. If the gas limit isn’t set properly, you will have to pay higher gas fees. So keep this fact in mind when making a transaction via Metamask.
The most appropriate gas limit is 21000. Just enter this figure in the gas limit section. After making such changes, you can expect to pay a lower gas fees. However, you are required to increase the gas limit when interacting with a few dApps.
After using these dApps, make sure to decrease the limit. You can also take help from various platforms/website, which recommend the most affordable gas fees.
2. Avoid Making Transactions when Gas Prices are at their Peak
The gas prices surge dramatically during peak hours. Hence, make sure not to send Ethereum or tokens when the gas fee is on the higher side. This would help you lower the gas fees on Metamask.
In addition, don’t settle for the gas price suggested by the Metamask. Rather, you should define your own gas price by using the ‘Advanced Options’ tab.
Nevertheless, by setting low gas fees, you should be prepared for a delay in the validation of your transaction. It might take additional time or even a full day for getting your transaction processed.
Note: To check the status of your transaction, just go to the Activity Tab of your Metamask account.
3. Cancellation of a Pending Transaction
Even if you have completed the transaction, it is possible to reverse the decision if such a transaction is still pending. This is a viable option if you want to wait for the gas fees to come down. You just need to hit the “Cancel” button located next to the transaction details.
Final Thoughts
To conclude, every crypto transaction made through Metamask wallet requires you to pay a gas fee. However, by using any of the above methods, you can lower the gas fees and save a considerable amount. For those who are looking for faster transactions, they won’t mind paying a higher gas price. If you aren’t one of them, this guide on ‘How to lower gas fees on Metamask’ can be more than helpful.
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