This content is for educational purposes only and should not be considered financial advice or an inducement to buy, sell, or trade cryptoassets.
This guide will help you avoid delays and unnecessary fees by managing transaction costs effectively.
Bitcoin transaction fees
Bitcoin transaction fees can fluctuate based on network congestion. Magic Eden Wallet uses a dynamic fee model, adjusting fees in real-time to ensure efficient transaction processing.
Why Bitcoin fees matter
On the Bitcoin network, miners prioritize transactions with higher fees. If the fee is set too low, your transaction might be delayed or not confirmed in the next block. Typically, Bitcoin blocks are mined every 10 minutes, but the fee you set plays a big role in determining how quickly your transaction is confirmed.
For the latest information on Bitcoin transaction fees and network activity, use Mempool.space. This tool provides real-time insights into current fees, helping you select an appropriate fee level for faster confirmation.
What if you don’t have enough Bitcoin?
If your Magic Eden Wallet doesn’t have sufficient Bitcoin (BTC) to cover transaction fees, you’ll see an error message. You can resolve this by:
Using Magic Eden Wallet’s Swap feature to convert other crypto assets into BTC.
Receiving Bitcoin from another wallet by sharing your wallet address.
This ensures that your transactions, whether sending Bitcoin or interacting with Runes (Bitcoin-based tokens), will be processed smoothly.
Ethereum transaction fees
For transactions on the Ethereum network, fees (known as "gas") must be paid in ETH. These fees apply to Ethereum assets such as ERC20 tokens and NFTs.
Understanding Ethereum gas fees
Ethereum fees can vary greatly depending on network activity. If you don’t offer enough gas, your transaction may be delayed or fail. It's crucial to have enough ETH to cover fees, especially when interacting with ERC20 tokens or Ethereum-based NFTs.
What happens if you don’t have enough ETH?
If you don’t have enough ETH to cover gas fees, Magic Eden Wallet will notify you. To resolve this, you can:
Swap other assets to ETH using the Magic Eden Wallet’s Swap feature.
Receive ETH from another wallet by sharing your Ethereum address.
Track your transaction status and gas costs in real-time using Etherscan.
Transaction fees on other networks
Polygon: Using POL for fees
For Polygon transactions, you’ll need POL tokens to cover fees. If you lack POL, you’ll get an error message. You can:
Convert other assets to POL via the Swap feature.
Receive POL from another wallet.
Use Polygonscan for tracking Polygon transactions.
Solana: Paying fees with SOL
For Solana-based transactions, SOL is required to cover fees. If you don’t have enough SOL:
Swap other assets for SOL in your Magic Eden Wallet.
Receive SOL from another wallet.
Use the Solana Explorer to track transaction details.
Base network: ETH-based fees
On the Base network, transaction fees are paid in ETH. If you don’t have enough ETH for Base transactions:
Swap other assets for ETH.
Receive ETH from another wallet.
For real-time tracking of Base network transactions, use Base block explorers.
Magic Eden Wallet supports a variety of networks, making cross-chain transactions seamless. By understanding each network's fee structure and ensuring you have the necessary native token for transactions (BTC, ETH, POL, SOL), you can optimize transaction speed and minimize costs.