This content is for educational purposes only and should not be considered financial advice or an inducement to buy, sell, or trade crypto assets.
One thing is consistent across most blockchain networks: transactions cost money. This fee, often referred to as "gas," is essential to process and validate transactions on a blockchain. Whether you're dealing with Bitcoin, Ethereum, Polygon, Solana, or any other network, understanding these fees is vital. Here's a closer look:
Identifying Network Badges
Why are network badges important?
In Magic Eden's application, network badges help users identify the underlying network of a token.
How to spot them
The network badge is located next to the token's name.
Remember: If there's an absence of a network badge or a dropdown menu, it indicates that the token operates on its independent network. This will be the case for native chain tokens like SOL, ETH or MATIC.
Bitcoin Network: Paying with BTC
What is the role of BTC in transactions?
Bitcoin (BTC) is the native cryptocurrency of the Bitcoin network and serves as the fuel for transactions on the network. This includes sending, receiving, trading, and interacting with Bitcoin-based Ordinals and Runes.
Insufficient BTC: What happens?
If your wallet lacks the required BTC to process a transaction, you will encounter an error message stating that insufficient BTC is available. To resolve this, you can:
Use a Bitcoin exchange or wallet with a built-in swap feature to convert other cryptocurrencies in your wallet to BTC.
Receive BTC from another wallet or source.
Transaction Fees
Bitcoin transactions incur a small fee, also known as a miner's fee. This fee is paid to miners who verify and validate transactions on the Bitcoin network. The fee incentivizes miners to maintain the network and ensures the smooth processing of transactions.
Ordinals and Runes
Trading Ordinals and Runes, which are built on the Bitcoin blockchain, also requires BTC for transaction fees. These fees are similar in nature to those associated with regular Bitcoin transactions and serve the same purpose of compensating miners for their work.
Additional Considerations
High network traffic can result in increased transaction fees as miners prioritize transactions with higher fees.
For detailed transaction data, consider using a block explorer like Mempool.space.
Ethereum network: Paying with ETH
What is the role of ETH in transactions?
Ethereum-based tokens, such as ERC20, utilize Ethereum (ETH) as the fuel for their transactions. When you're sending, swapping, or even dealing with Ethereum-based NFTs, you'll need ETH in your Magic Eden app to cover these transaction costs.
Insufficient ETH: What happens?
If your wallet lacks the required ETH to process a transaction, an error message will appear.
To resolve this, you can:
Use the Magic Eden Swap feature to convert other assets in your wallet to ETH.
Receive ETH from another wallet.
High network traffic can result in increased fees as miners give preference to higher-paying transactions.
For detailed transaction data, consider using a block explorer like Etherscan.
Polygon network: Paying with POL
How does POL fuel transactions?
Tokens on the Polygon network need POL to process transactions. Similar to Ethereum, if you're sending or swapping a Polygon token, POL will be required as gas.
What if I run short of POL?
You'll be greeted with a massage stating you have insufficient POL to complete the transaction.
How to top up:
Utilize Magic Eden Swap to convert your assets to POL.
Alternatively, receive POL from an external wallet.
For detailed insights, Polygonscan is your go-to block explorer for the Polygon network.
Solana network: Paying with SOL
The importance of SOL in transactions:
Solana's SPL tokens rely on SOL for transactions. Whether sending, swapping SPL tokens, or dealing with Solana-based NFTs, SOL is necessary.
Not enough SOL?
You will receive a message stating that insufficient SOL is available.
To replenish your SOL:
Engage the Magic Eden Swap feature.
Receive SOL from a different wallet.
For transaction specifics on the Solana network, head over to the Solana Explorer.
Base Network: Paying with ETH on Base
Paying with ETH on Base
Base leverages ETH for gas fees to process transactions on the network. A key advantage of Base is significantly lower transaction fees compared to the Ethereum mainnet.
Not enough ETH on Base?
While Base operates on a different fee structure than Ethereum, you may still encounter insufficient ETH for gas fees. In this case:
Utilize the Magic Eden Swap feature to convert other assets in your wallet to ETH on Base.
Receive ETH on Base from another wallet.
Apechain network: Paying with APE
How does APE fuel transactions?
Tokens on the Apechain network need APE to process transactions. Similar to Ethereum, if you're sending or swapping a Apechain token, APE will be required as gas.
What if I run short of APE?
You'll be greeted with a massage stating you have insufficient APE to complete the transaction.
How to top up:
Utilize Magic Eden Swap to convert your assets to APE.
Alternatively, receive APE from an external wallet.
For detailed insights, Apescan is your go-to block explorer for the Apechain network.
Berachain network: Paying with BERA
How does BERA fuel transactions?
Tokens on the Berachain network need BERA to process transactions. Similar to Ethereum, if you're sending or swapping a Berachain token, BERA will be required as gas.
What if I run short of BERA?
You'll be greeted with a massage stating you have insufficient BERA to complete the transaction.
How to top up:
Utilize Magic Eden Swap to convert your assets to BERA.
Alternatively, receive BERA from an external wallet.
For detailed insights, Berascan is your go-to block explorer for the Berachain network.
Abstract network: Paying with ETH on Abstract
How does Abstract fuel transactions?
Tokens on the Abstract network need ETH to process transactions. Similar to Ethereum, if you're sending or swapping a Abstract token, ETH will be required as gas.
What if I run short of ETH?
You'll be greeted with a massage stating you have insufficient ETH to complete the transaction.
How to top up:
Utilize Magic Eden Swap to convert your assets to ETH on Abstract.
Alternatively, receive ETH on Abstract from an external wallet.
For detailed insights, Abscan is your go-to block explorer for the Abstract network.
Arbitrum network: Paying with ETH on Arbitrum
How does Abritrum fuel transactions?
Tokens on the Abritrum network need ETH to process transactions. Similar to Ethereum, if you're sending or swapping a Abritrum token, ETH will be required as gas.
What if I run short of ETH?
You'll be greeted with a massage stating you have insufficient ETH to complete the transaction.
How to top up:
Utilize Magic Eden Swap to convert your assets to ETH on Abritrum.
Alternatively, receive ETH on Abritrum from an external wallet.
For detailed insights, Arbiscan is your go-to block explorer for the Abritrum network.
Binance Smart Chain network: Paying with BNB
How does BSC fuel transactions?
Tokens on the BSC network need BNB to process transactions. Similar to Ethereum, if you're sending or swapping a BNB token, BNB will be required as gas.
What if I run short of BNB?
You'll be greeted with a massage stating you have insufficient BNB to complete the transaction.
How to top up:
Utilize Magic Eden Swap to convert your assets to BNB.
Alternatively, receive BNB from an external wallet.
For detailed insights, BSCScan is your go-to block explorer for the BSC network.
Sei network: Paying with SEI
How does SEI fuel transactions?
Tokens on the SEI network need SEI to process transactions. Similar to Ethereum, if you're sending or swapping a SEI token, SEI will be required as gas.
What if I run short of SEI?
You'll be greeted with a massage stating you have insufficient SEI to complete the transaction.
How to top up:
Utilize Magic Eden Swap to convert your assets to SEI.
Alternatively, receive SEI from an external wallet.
For detailed insights, Seiscan is your go-to block explorer for the SEI network.
If you have any queries, always reach out to the support team for assistance.