What are gas fees?

Gas fees are required to process blockchain transactions and are usually paid in the native token of the blockchain network that is processing the transaction. For example, if you are transferring ETH on Ethereum from one wallet to another, you will need to keep enough ETH in your wallet to cover the transaction gas fee. In the Sequence Wallet, the estimated gas fee is always displayed when attempting to execute a transaction. Unlike other crypto wallets, the Sequence Wallet actually allows its users to pay transaction fees in the tokens of their choice. 

The higher the number of users a blockchain network has, the higher the gas fees usually are. Due to the popularity of the Ethereum blockchain, over the last year, gas prices have risen considerably. As a solution to this, users can opt to transact on the Polygon network where fees are usually below $0.01.

The Sequence Wallet is compatible with both Ethereum and Polygon networks. Only transfer assets to your Sequence Wallet using either Ethereum or Polygon chains until additional network support is added.

Was this article helpful?
0 out of 0 found this helpful
Have more questions? Submit a request

Comments

0 comments

Please sign in to leave a comment.