How to win Gas War with low cost while grabbing NFT?

How to win Gas War with low cost while grabbing NFT?

On May 1st, Otherside triggered a nearly 3-hour Gas war. In a short period of time, the ETH gas fee rose rapidly, and the highest even exceeded 8000 Gwei. Many buyers lost their transactions in this gas war, and many buyers traded with a gas fee of more than 2 ETH. Yuga Labs said after the end of this round of sales that it would refund the gas fee to users who failed the transaction. This three-hour Gas War refreshed Ethereum transaction history again. In the process of buying high-priced NFTs that are in short supply, the complex mood of panic, anxiety and anger runs through the entire transaction process.

This article will help you understand how to complete transactions faster on Ethereum through @thedigitalvee’s tweet with my additional comments.

1. What are transaction fees?

When you buy NFTs on Ethereum (EIP-1559 era), you have to pay transaction fees to get approved transactions.

This transaction fee is a combination of the following factors:

Base fee – set by the network itself;

Priority Fee – Set by you to incentivize miners to validate your transactions.

Total transaction fee = base fee + priority fee.

How to win Gas War with low cost while grabbing NFT?

2. How to set base fee and priority fee to make it easier to succeed when mint?

Open Advanced Gas Settings in MetaMask.

MetaMask also now allows you to set a maximum fee, which is the most you are willing to pay for your trades before proceeding.

Open Advanced Gas Settings (see below).

How to win Gas War with low cost while grabbing NFT?

3. What do I need to do when I click “Mint”?

You will see the MetaMask popup window below. You have to click “Edit” to change the gas settings, because if you stick to the gas fee settings suggested by the system and someone else significantly increases the gas fee, other people’s transactions will take precedence over yours.

Let’s get started: once you click on “MINT” via the project website, MetaMask will pop up with default trading settings.

How to win Gas War with low cost while grabbing NFT?

4. What options do I have for editing the maximum and priority charges?

Never modify the Gas Charge Limit.

Notice:

Priority Fee = We give miners priority to process our transactions;

Maximum fee = limit price, which is the gas fee we are willing to pay.

We have three methods:

(i) only increase the maximum fee

This is not very helpful as it allows to increase the base fee but the miner tip is capped.

Scenario 1: You only increased the maximum fee.

This doesn’t help much. This only accounts for an increase in the base fee, but your miner tip is still capped at the default value (usually 1.5-2 Gwei).

How to win Gas War with low cost while grabbing NFT?

(ii) only increase the priority fee

Miners will be more incentivized, but if the base fee increases, base fee + key fee = above the maximum fee, then the priority fee will be lowered to maintain the absolute limit (meaning your priority fee will not actually be as high as you would like it to be high).

Scenario 2: You only increase the priority fee.

It would be more helpful now that miners get some incentives, but there is a nuance here.

Remember the base fee + priority fee must stay at or below the maximum fee, if the base fee increases, the priority fee will decrease to maintain the absolute limit.

How to win Gas War with low cost while grabbing NFT?

(iii) Increase in maximum fees and priority fees

This approach ensures that you have factored in miner incentives and base fee increases.

Scenario 3: You increase the maximum fee and priority fee to solve the above problem.

You have factored in the base fee increase, providing incentives for miners. So, how do you set these values? There are two methods below.

How to win Gas War with low cost while grabbing NFT?

5. How much will I need to increase the maximum and priority fees?

(1) Conservative method

Blockchain data platform Blocknative advises: “For predictable transaction settlements, the current best practice is to set a maximum fee for the expected base fee increase”. (If a lot of people are using the network at the same time as you, demand will spike, so will the base fee.)

Their gas estimator uses this simple heuristic: max fee = (2 * base fee) + priority fee

How to win Gas War with low cost while grabbing NFT?

Blocknative Gas Estimator: Follow the “99% probability” guide on how to set your fees, with a good chance (but no guarantee) of success.

So if you double the current base fee to calculate the maximum fee, it should ensure your transaction remains tradable for 6 consecutive blocks.

Method 1: Go to blocknative.com/Gas-estimator

Using the 99% probability setting, its recommendations are based on:

Maximum Fee = (2 * Base Fee) + Highest Priority Fee

It keeps your transaction speed smooth for 6 consecutive blocks.

(2) Risky method

Set a higher maximum fee and priority fee, the same as the maximum fee.

This means that once the base fee is deducted from the top fee, all remaining fees go to the miners to incentivize them to prioritize your transactions.

This is a very risky approach and you will most likely pay more than “necessary” to secure your NFT. See the example below.

Example: I used this method before on the MAYC airdrop:

・The base fee is 364

・Priority fee is set to 700

・Maximum fee is set to 700

The transaction is confirmed immediately, total gas fee = 700 GWEI (0.12 ETH)

How to win Gas War with low cost while grabbing NFT?

6. How to speed up the transaction?

If your transaction has not completed after a few seconds (or more), you can further increase the transaction fee by following the steps below.

When you do, you should keep an eye on the Blocknative Gas estimator so you can see how busy the network is.

Expedited transactions:

Step 3: Click on “Activity” to view your pending transactions, if it doesn’t pass quickly, continue to the next step.

Step 4: Click “Accelerate”, which will take you back to Step 2. further increase the price.

How to win Gas War with low cost while grabbing NFT?

If it still doesn’t work, you can try again.

If your transaction is still not confirmed quickly, you need to increase the gas fee, but the “speed up” button does not appear at this step.

Step 5: Click on the top of the transaction to open a dialog. At the bottom you’ll find another “Accelerate” button, repeated as above.

How to win Gas War with low cost while grabbing NFT?

Hope you have success in this process!

Summarize

I won Gas War with these steps, but be careful. It’s no easy task, and you have to stay awake in the process. I suggest you get hands-on and really understand what games you’re playing and how they work in order to win your next Gas War.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/how-to-win-gas-war-with-low-cost-while-grabbing-nft/
Coinyuppie is an open information publishing platform, all information provided is not related to the views and positions of coinyuppie, and does not constitute any investment and financial advice. Users are expected to carefully screen and prevent risks.

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