How to gain the advantage in Ethereum gas wars

Aug 17, 2022 | Advanced, How To, Intermediate

Losing money on gas wars sucks, knowing you could have used that moolah for anything else. People have lost hundreds, some even thousands of dollars on gas wars. No worries, Alpha Omega is here to help, I’m going to make sure you can mint that NFT you want so badly with the optimum gas fees.

This article was written by Matrix – Mod/Shotcaller @ Alpha Omega, you can follow Matrix on Twitter to keep up to date with his latest insights!

You hate losing money on gas wars, right? Well that’s why I’ve put together this article to help you, I will be covering:

  • Gas war tactics/strategies
  • Turning on advanced gas controls in Metamask
  • Understanding EIP-1559
  • Speeding up your transactions

What is EIP-1559?

EIP-1559 changes Ethereum’s fee market mechanism There is a “base fee” for transactions to be included in the next block. For users that want to prioritize their transaction, they can add a “tip” That is called a “priority fee”, to pay a miner for faster success.

In a nutshell:

Base fee (set by the network) Priority Fee (set by you to prioritize your tx) Total Fee/Gas = Base Fee + Priority Fee

Before minting, make sure to turn on Advanced Gas Controls (below). Also, Metamask lets you set a max fee which is the maximum you are willing to pay. Once you hit “mint” on the project website or contract, Metamask shows up a menu where the gas settings are set on default. The gas fee updates after every few seconds based on the activity on the network.

#1 Click the blue edit button immediately

Never touch gas limit!

#2 Change the fees (priority and max fee)

Then click “confirm”

Do I need to increase both priority and max or is just one fine?

When you increase both priority and max fee, you have taken care of both the base fee, and the miner’s incentive.

What do I put for the fees?

You can check out Blocknative, it’s a super good gas estimator (make sure to use the 99% success rate)

How to speed up your transaction?

Once you click “Confirm” go to Activity and you will see your pending transaction Click the “Speed Up” button and increase the fees more and then click “Confirm” again.

LFG! Using the above tactics should set you well on your way to a successful mint!

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