When a transaction is submitted to a blockchain, gas is typically charged as a network fee in order to provide the blockchain validators with resources needed to operate the service smoothly. Gas fees also help to prevent spam and DoS (denial of service) attacks on the network.
Gas fees prevent network congestion by providing an incentive for validators to only process essential transactions. This helps ensure that the network is not overwhelmed and remains a reliable source of data exchange. Below you will find different fees that could be associated with the Palm network.
- The block gas limit is the maximum amount of gas that can be used to process transactions within a block.
- If a block tries to process more transactions than the block gas limit allows, some of the transactions might not be included.
- This helps to prevent the network from being overwhelmed with too many transactions at once.
- By limiting the amount of gas that can be used to process transactions in a block, the block gas limit helps to ensure that the network can operate efficiently.
The gas limit is 18.8 million per block on the Palm network.
Blocks are proposed every ~5 seconds
PALM is freely distributed to users, creators, and partners who bring activity and value to the Palm network. A small amount of PALM is required to cover network transaction costs, also known as gas fees. Once you have PALM on your account, you can pay for smart contract deployments and transactions made on the Palm Network.
Gas prices on the Palm network are typically between 1,000-10,000 wei per transaction. This means that a small0.5 PALMtestnet faucet drip lets you do 10 million+ transactions (depending on the average gas used for each transaction).
The eth_gasPrice is a JSON-RPC method that allows a client to retrieve the current recommended price per gas unit that should be used when sending a transaction.
This API call examines the last 100 blocks and returns the 50th percentile gas unit price, which is the median value. This can sometimes be problematic if dApps are regularly injecting in high values (e.g. using Ethereum mainnet gas prices) which results in a skewed calculation.
- The typical gas price is between 1,000-10,000 wei
- The minimum gas price is 1,000 wei
The transaction speed, i.e. the "throughput" refers to the number of transactions that can be processed by the network in a given time period.
It's determined by:
- Capacity of the network
- Efficiency of the protocols used to process transactions
- Number of nodes that participate in the network
Some networks can process a high number of transactions per second, while others are optimized for security and may have lower transactions.
With its 5 second block times and 18.8m block gas limit, Palm network can theoretically support the following transaction speeds:
- PALM transfer: 179 tx/sec (based on 21,000 gas units per transfer)
- NFT mint: 13 tx/sec (based on 280,000 gas units per mint)
- NFT transfer: 31 tx/sec (based on 73,000 gas units per transfer)
Actual throughput will be based on the gas usage from a range of transaction types seen in each block.