Here’s what you need to know to know about Gas to use FOAM Map. Different Ethereum applications and documentation use different terms but here we’ll explain the terms used in MetaMask.
When confirming a transaction in MetaMask you will need to edit the Gas Fee which is made up of 2 things:
- Gas Limit - the maximum amount of gas that you’re willing to pay to run a transaction
- Gas Price - the amount you want to pay per unit of gas as a fee to the miner
The cost of computation and storage is set automatically by Ethereum. Even if you set your Gas Limit very high, you won’t be charged for what you don’t use and the remainder will stay in your wallet. Like fuel, Ethereum only takes what is required to do the computation.
Gas Price, on the other hand, fluctuates depending on how busy the Ethereum World Computer is. When you set a higher Gas Price, it means your transaction will be processed sooner. Too low and your transaction won’t go through. Gas price affects how quickly your transaction is processed, and transactions with higher gas prices are processed faster.
NOTE: The MetaMask Gas Price won’t be enough to get your transaction through. Check the average Gas Price on https://ethgasstation.info/ and find the SafeLow price.