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Author: Admin | 2025-04-28
Ecosystem is. Low fees make it possible for various blockchain use cases, like smart contracts, non-fungible tokens, decentralized finance applications, and games, to become viable. If the cost of transactions is prohibitive, these use cases have no chance of emerging or reaching any meaningful adoption.Since the cost of gas fees on Solana is low, the NFT activity on the network took off in the last year, with Solana NFT marketplaces like Magic Eden leading the way. The long-term prospects of cheap transactions are one of the reasons why Solana is one of the best cryptos to buy for the long term, at least in our opinion. Solana gas fees FAQsDoes Solana have gas fees?Solana, like virtually every other blockchain network, charges gas fees per each transaction. Cryptocurrencies charge gas fees to compensate the miners or validators for the computing power they use to process and validate transactions. These fees also help to prevent spam and congestion on the network.Is Solana gas cheaper than Ethereum?Yes, Solana's gas fees are way cheaper than Ethereum's. As of November 20, 2024, an average transaction fee on Solana amounted to roughly $0.036, while the gas fee on Ethereum was about $18.17. The low transaction costs and fast transaction speed are some of the main reasons why Solana is considered one of the top Ethereum competitors.Why is Solana fee so low?The main reason why fees on Solana are low is the Proof of History consensus mechanism, which is very efficient and does not require a lot of computing power. In addition, Solana can process multiple transactions in parallel, which helps to increase throughput and reduce fees. Last but not least, Solana boasts high block time and block size, which further lowers transaction costs.The bottom line: Solana gas fees are some of the lowest in the industryFollowing a spectacular market run in 2021 – during which SOL price exploded by roughly 11,200% – Solana experienced a massive downturn in 2022, losing 94% of its value during the year. In addition, the network experienced several outages, leading to many crypto users calling it dead. However, Solana is apparently still very much alive and has increased over tenfold in value since its low point in late 2022 – not to mention that it recorded a considerable increase in DeFi and NFT activity as well as the growth in popularity of Solana wallets.Low gas prices could certainly help Solana stage
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