When transacting using Magic Eden Wallet, users can come across terms like "Estimated Network Fee" and "Max Network Fee". This article serves as a comprehensive guide to understanding these terms, ensuring a transparent and informed transactional experience.
The dynamics of network fees
Certain networks, prominently Ethereum, have a fluid transaction fee structure. Due to their operational nature, it's challenging to pinpoint an exact transaction fee (often termed as 'network fee' or 'gas'). This fluctuating fee scenario is especially true when dealing with ETH or ERC20 tokens.
Demystifying "Estimated Network Fee"
When you initiate a transaction and notice a figure next to "Estimated Network Fee", it represents the best approximation of the transaction fee, given the prevailing market conditions.
This fee:
Reflects real-time conditions: It's dynamically determined based on the current state of the market.
Subject to fluctuations: Due to the volatile nature of cryptocurrency markets, you may end up paying slightly more or less than the presented estimate.
Decoding "Max Network Fee"
The "Max Network Fee", as the name suggests, represents the ceiling or the highest potential fee for your transaction. Here's what to know:
Safety net: It’s designed to provide users with a worst-case scenario, ensuring no unpleasant surprises.
Typically overestimated: More often than not, the actual fee you incur will be less than the displayed "Max Network Fee".
Actual deduction: Only the real fee will be debited from your wallet, even if it's less than the max fee.
Post-transaction insights
After successfully processing your transaction, a deeper dive into the exact fee is just a click or tap away. By accessing the transaction ID, users can retrieve specific details about the gas or network fee associated with their transaction.
Network fee slider and wallet swaps
It's important to note that the network fee slider feature is available exclusively for direct transactions conducted within the Magic Eden Wallet. This tool allows users to adjust and set their preferred fee, ensuring they have a degree of control over the costs associated with their transactions.
However, when it comes to wallet swaps, the situation is slightly different. These swaps are facilitated by a third-party service, meaning that users do not currently have the ability to adjust or control the network fee in this context. The fee is automatically determined and applied by the third-party provider handling the swap.
Magic Eden strives to ensure that its users are always equipped with the necessary information to make informed decisions. While the crypto world's dynamism can introduce elements of unpredictability, tools like "Estimated Network Fee" and "Max Network Fee" aim to bring clarity to the process. As always, should you have any queries, Magic Eden's support team is at your beck and call, ready to assist.