which blockchain has the lowest gas fees

For economical transactions, Polygon's $0.02 average gas fee makes it a prime choice, especially for high-volume, low-cost transactions.

Oct 27, 2024 at 10:53 am

Which Blockchain Has the Lowest Gas Fees?

1. Polygon (MATIC)

• Average gas fee: $0.02 per transaction
• Suitable for high-volume, low-value transactions like DeFi and gaming

2. NEAR Protocol (NEAR)

• Average gas fee: $0.01 per transaction
• Offers high throughput and low latency for applications

3. Avalanche (AVAX)

• Average gas fee: $0.05 per transaction
• Provides fast transaction speeds and low fees

4. Fantom (FTM)

• Average gas fee: $0.03 per transaction
• Supports a high number of transactions per second (TPS)

5. Binance Smart Chain (BNB)

• Average gas fee: $0.05 per transaction
• Native blockchain of the Binance exchange, offering fast and economical transactions

6. Solana (SOL)

• Average gas fee: $0.002 per transaction
• Known for its high speed, low fees, and scalability

7. Celo (CELO)

• Average gas fee: $0.01 per transaction
• Designed for mobile payments and offers low fees

8. IoTeX (IOTX)

• Average gas fee: $0.01 per transaction
• Focuses on IoT device connectivity and offers energy-efficient transactions

Factors Affecting Gas Fees:

• Network congestion: Higher demand for block space increases fees.
• Cryptocurrency price: Gas fees are typically denominated in the native cryptocurrency, which affects their cost in fiat currency.
• Transaction size: Larger transactions require more gas to execute.
• Complexity of transaction: Some transactions, such as smart contract interactions, require more gas than simple transfers.

Considerations for Choosing a Low-Gas-Fee Blockchain:

• For low-value transactions, consider blockchains with extremely low fees like Polygon or NEAR.
• For high-volume applications, blockchains like Avalanche or Fantom offer scalability and affordability.
• If transaction speed is critical, Solana or Binance Smart Chain are suitable options.