One thing is consistent across most blockchain networks: transactions cost money. This fee, often referred to as "gas," is essential to process and validate transactions on a blockchain. Whether you're dealing with Bitcoin, Ethereum, Polygon, Solana, or any other network, understanding these fees is vital. Here's a closer look:
Web3 Wallet: Identifying Network Badges
Why are network badges important?
In Magic Eden's application, network badges help users identify the underlying network of a token.
How to spot them
Inside the token wallet: The network badge is located next to the token's name.
In portfolio & settings: The network badge is positioned under the token's name.
Remember: If there's an absence of a network badge or a dropdown menu, it indicates that the token operates on its independent network. This will be the case for native chain tokens like SOL, ETH or MATIC.
Bitcoin Network: Paying with BTC
What is the role of BTC in transactions?
Bitcoin (BTC) is the native cryptocurrency of the Bitcoin network and serves as the fuel for transactions on the network. This includes sending, receiving, trading, and interacting with Bitcoin-based Ordinals and BRC-20 tokens.
Insufficient BTC: What happens?
If your wallet lacks the required BTC to process a transaction, you will encounter an error message stating that insufficient BTC is available. To resolve this, you can:
Use a Bitcoin exchange or wallet with a built-in swap feature to convert other cryptocurrencies in your wallet to BTC.
Receive BTC from another wallet or source.
Transaction Fees
Bitcoin transactions incur a small fee, also known as a miner's fee. This fee is paid to miners who verify and validate transactions on the Bitcoin network. The fee incentivizes miners to maintain the network and ensures the smooth processing of transactions.
Ordinals and BRC-20 Tokens
Trading Ordinals and BRC-20 tokens, which are built on the Bitcoin blockchain, also requires BTC for transaction fees. These fees are similar in nature to those associated with regular Bitcoin transactions and serve the same purpose of compensating miners for their work.
Additional Considerations
High network traffic can result in increased transaction fees as miners prioritize transactions with higher fees.
For detailed transaction data, consider using a block explorer like Mempool.space.
Ethereum network: Paying with ETH
What is the role of ETH in transactions?
Ethereum-based tokens, such as ERC20, utilize Ethereum (ETH) as the fuel for their transactions. When you're sending, swapping, or even dealing with Ethereum-based NFTs, you'll need ETH in your Magic Eden wallet to cover these transaction costs.
Insufficient ETH: What happens?
If your wallet lacks the required ETH to process a transaction, an error message will appear.
To resolve this, you can:
Use the Magic Eden Wallet Swap feature to convert other assets in your wallet to ETH.
Receive ETH from another wallet.
Note:
High network traffic can result in increased fees as miners give preference to higher-paying transactions.
For detailed transaction data, consider using a block explorer like Etherscan.
Polygon network: Paying with MATIC
How does MATIC fuel transactions?
Tokens on the Polygon network need MATIC to process transactions. Similar to Ethereum, if you're sending or swapping a Polygon token, MATIC will be required as gas.
What if I run short of MATIC?
You'll be greeted with a massage stating you have insufficient MATIC to complete the transaction.
How to top up:
Utilize Magic Eden Wallet Swap to convert your assets to MATIC.
Alternatively, receive MATIC from an external wallet.
For detailed insights, Polygonscan is your go-to block explorer for the Polygon network.
Solana network: Paying with SOL
The importance of SOL in transactions:
Solana's SPL tokens rely on SOL for transactions. Whether sending, swapping SPL tokens, or dealing with Solana-based NFTs, SOL is necessary.
Not enough SOL?
You will receive a message stating that insufficient SOL is available.
To replenish your SOL:
Engage the Magic Eden Wallet Swap feature.
Receive SOL from a different wallet.
For transaction specifics on the Solana network, head over to the Solana Explorer.
Magic Eden aims to provide a seamless experience to its users. By understanding the nuances of transaction fees across different networks, you're well-equipped to make informed decisions in the crypto landscape. If you have any queries, always reach out to the support team for assistance.