Gas Fees are transaction fees paid on blockchain networks, primarily Ethereum, to compensate for the computing energy required to process and validate transactions. These fees can fluctuate based on network congestion, with higher demand leading to higher fees. Gas fees ensure that transactions are processed by miners or validators and help prioritize transaction processing times.

Crucial for maintaining network security and efficiency, but can be a barrier to entry during peak times.

“Had to adjust my gas fees three times today to get a transaction through. The network’s so congested, but it’s worth it for the speed.”