How much gas should I pay? Try the gas price indicator

For Ethereum users, the real three questions of the soul are: what transaction am I doing? How much Gas should I give? How much should the Gas Price be set to be economical?

Simply put, Gas is a unit used to measure the amount of computation required for a transaction on Ethereum. The higher the complexity of a transaction, the more Gas it needs to spend. Therefore, the more complex the transaction, the more Gas quota must be set (reserved) when initiating the transaction. If the initiator reserves If the amount of Gas left is not enough, the transaction will fail due to the exhaustion of computing resources.

But the good thing is that you don’t need to worry about this matter. You can set a value that is affordable and sufficiently large in your own account, because the unused Gas will not calculate the handling fee. In other words, although you set this amount The transaction can use 100 Gas, but in fact it only uses 20 Gas, so the block producer who packaged your transaction can only get 20 Gas as a handling fee, and you cannot charge it in vain. In addition, gas usage estimation technology is now very common. When users use the Metamask wallet plug-in to interact with applications, they will find that they do not need to manually set the Gas Limit at all. The plug-in has already estimated it for you.

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But when it comes to Gas Price, it's a headache. Everyone knows that this parameter expresses the price that the transaction initiator is willing to pay for each unit of Gas, and this part of the price will eventually be obtained by the block producer who packaged the transaction; in view of this, the block producer certainly favors Those transactions with high Gas Price. But, who wouldn't want to make the transaction fee cheaper? Who doesn't want to close a deal affordably?

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Therefore, almost all Ethereum users will come into contact with a tool in their daily use: Gas Price Indicator, its function is to tell you how much Gas Price you set, so that your transactions can be executed at the time you want Inside is packed. For example, the figure below shows the gas price indicator that may be the most commonly used in the ecosystem: Gas Station.

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It basically says: If you want your transaction to be packaged within 2 minutes, then It is necessary to set a gas price of 95 Gwei or higher; if you only need it to be packaged within 5 minutes, then set it to 79 Gwei or more

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Most users like you and me will find nothing wrong with using Gas Station. But what if you want to do high-frequency trading? Or what if you want to write a trading robot? Can Gas Station really be relied on?

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This is not finding fault, nor is it playing tricks. This article mentioned the difficult experience of many users on March 14, 2020 (due to the sharp drop in ETH prices, which led to a large increase in chain activity): In the Ethereum protocol, transactions initiated by an account are sequential, and a Only increase the serial number nonce to mark the order; when your previous transaction is discarded by the block node because the Gas Price is too low, no matter how high the Gas Price you set for the subsequent transaction, it will not help. Because the node cannot bypass the previous transaction and package the subsequent transaction directly, but the previous transaction has been discarded, which is equivalent to locking your account. The only remedy is to retrieve your earliest transaction that has not been uploaded to the chain, use the serial number of this transaction to resend a transaction, and the Gas Price must be high enough. Similarly, many trading bots are stuck for the same reason, because the gas price reporter they rely on incorrectly estimates the network Gas price. After sending a few transactions, the bot is stuck.

These bloody lessons fully illustrate how important it is to arrange a suitable Gas price for each transaction. Because when the application on the chain is active-ethexc (such as the Yield Farming craze some time ago), the success of a transaction will not only affect this transaction, but also affect subsequent transactions.

But what is preventing us from getting accurate gas price estimates? Can we get over it?

At the most fundamental level, what hinders us is the peer-to-peer network architecture of the blockchain network: all nodes are decentralized. When a transaction is sent to a node, the node will send the transaction data after a certain verification. Broadcast to other nodes; this network structure determines that no node can obtain the global status of the unprocessed transactions of the entire network in real time, and the propagation of transactions takes time and occasionally (some nodes may use higher Gas Price As a threshold, reject low-fee transactions to protect yourself). Regarding this point, we can only improve it, but it is impossible to fundamentally overcome it, because we do not want a centralized network structure.

But on the other hand, what is crucial is the way we estimate the gas price. So far, the methods used by most of the gas price indicators are based on the gas prices of the transactions that have been packaged into the block for a period of time in the past, and the gas price of the transaction is processed statistically to obtain an estimate of the future gas price. If you think about it carefully, this is actually very unreasonable. At the moment you send a transaction, what determines how quickly your transaction can be uploaded to the chain is the number of transactions with a higher Gas price than your transaction in the existing unprocessed transactions, and the number of transactions in your transaction. How many people have issued a transaction with a higher gas price than yours during the period when the transaction has not been packaged. It seems reasonable to use the transactions already on the chain, that is, historical data, to make such an estimate, but it is actually absurd. When network activity increases rapidly and Gas prices rise rapidly, the method of estimating based on historical data can only give an underestimated Gas price with a high probability. A more accurate estimate should be based on the gas price distribution of existing unprocessed transactions. Even if statistical methods are required, it will be simpler than using historical data to estimate.

This is where GasNow is great. It is no longer based on historical data to predict the future, it is based on the gas price distribution of transactions in the transaction pool of spark mining pool nodes. In order to maximize the income, on the one hand, the mining pool should collect transactions as much as possible, and on the other hand, it should package the transactions to be packaged in the transaction pool from high to low. Therefore, the data given by GasNow is truly meaningful.

As shown in the figure, the webpage directly tells you the gas prices of the 50th, 200th, and 400th transactions in the mining pool transaction queue from high to low. That's right

Theoretically speaking, all Gas price indicators should be transformed into a model like GasNow, no longer based on historical data, but based on real-time data to help users make decisions. But even so, GasNow is also competitive. Because the transaction pool of the mining pool will be more comprehensive and meaningful than the transaction pool of ordinary, unoptimized nodes.

Gas Station said in its self-report that it "hopes to improve the transparency of Gas prices", which is of course a very meaningful goal; moreover, the unclear gas prices are actually rooted in the peer-to-peer characteristics of the network (so, I am very reluctant to Treat this ambiguity as a "problem"), it is worth more people to make more attempts to use the decentralized nature of the service itself to reduce the uncertainty brought about by the peer-to-peer network, so that we can gain a more global perspective.

But at least GasNow should be one step closer to this ideal.

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Ethereum