You need to pay network fees for: Ethereum gas fees represent the necessary cost to have the network up and running and performing transactions. For the sake of transparency, approximated gas fees are typically communicated to a user before they are prompted to initiate a transaction, and many services built on ethereum allow users to pay a higher gas fee than is recommended in order to expedite their transaction or increase the likelihood that it will be successfully executed by the network.
All Eth Transactions Have A Fee, Which Is Required To Be Paid In Gas.
For example, if the network is congested due to the launch of a popular nft collection, the gas fee. The ethereum network fee is a variable fee, paid in eth, for computational power on ethereum. Gas is the fee paid for executing transactions on the ethereum blockchain.
Gas Fees Will Fluctuate Based On How Crowded The Network Is.
You have a pending payout. It usually floats around 20 gwei (0.00000002 eth) , but often increases when the system gets too much traffic. Fees are lower in networks with less congestion.
Why Is There A Need For Network Fees?
Then miners rank pending transactions by price for blockchain. Also, network fees are dynamic and change all the time based on the number of transactions processed simultaneously (among other factors). In short, gas fees help keep the ethereum network secure.
You Can Read A Fuller Explanation Here.
In the recent london hard fork that went live on aug. For coinbase pro, the article is correct as of september 2020, as per this tweet: Defi projects built on the ethereum network often suffer from insanely high gas fees (as is the case with rarible.)