Ethereum Gas
Understanding Gas and Fees.
Let’s have a look at how gas costs are calculated and how you can quickly see how much delegating your GRT will cost.
Formula.
The base number of gas needed to send ETH from one address to another is 21,000 gas. When interacting with contracts, you can set an individual gas limit. By choosing your gas price, you decide how fast you want the transaction to be executed.
Calculating expected gas costs.
Now that you understand the formula behind calculating gas fees, let’s have a look at how much it costs you to delegate GRT. Gas prices vary greatly, which is why it is important to check the currently recommended gas prices. A great resource for this is ETHgasstation.
The gas station will show you the recommended gas prices in GWEI needed for three types of transaction speeds: fast, medium and slow.
Delegating is not time critical so if you don’t mind waiting hours or even days, you could set a low gas price in GWEI. However, this is not recommended for inexperienced users.
Next, let’s find out how much your expected transaction costs will be in ETH and dollars. For this, click on delegate/undelegate in the network dApp of The Graph and select the amount of GRT you wish to stake or un-stake. MetaMask will show you a confirmation window with the approximate gas fees. From here, you can edit the gas price in GWEI to accelerate the confirmation of the transaction.
