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Transaction Fees

Native Chain Fees

Transaction fees are charged to cover the computational costs incurred by the 5ireChain network. The transaction fee contributes to the security of the 5ireChain network and is used to prevent bad actors from spamming the network by levying a fee for each computation conducted on it.

Calculation formula = base_fee + length_fee + [targeted_fee_adjustment * weight_fee]

This includes:

Base fees: This is the minimum amount a user pays for a transaction. It is declared as a base weight in the runtime and converted to a fee using Weight To Fee.

Weight fees: A fee proportional to amount of weight a transaction consumes.

Length fees: A fee proportional to the encoded length of the transaction.

Targeted fees adjustment: This is a multiplier that can tune the final fee based on the congestion of the network.

EVM Chain Fees

To conduct a transaction on the 5ire EVM chain, users are required to pay a transaction fee, also known as gas fee.

From a technical perspective, gas is the unit of measurement for the total amount of computational effort needed to perform particular operations on the 5ire network. The payment of the gas fee is made through 5ire, the native currency of 5ireChain (and the 5ire EVM Chain). It is denoted in 5ire Coins.

The gas fee also contributes towards 5ireChain network security by charging a fee for every computation performed on the network, which prevents bad actors from spamming the network.

Gas Price Calculation: gasPrice * gasAmount / 1018