Customize gas settings and spending cap
Gas fees for blockchain transactions is a fact that we can't escape, but it is possible to manage and reduce them.
For every transaction you send using a wallet, you'll need to pay gas. For a general description on how gas works go here.
You can easily customize the gas you pay for each transaction according to your circumstances. For example, sometimes you may want to pay more to help your transaction be processed sooner; other times, you may be happy to wait.
First, let's define the various terms you'll encounter when customizing gas settings:
The gas limit
The gas limit is the maximum amount of gas units you are willing to pay for in order to carry out a transaction or EVM operation.
The max priority fee
The max priority fee goes to the validator, and incentivizes them to prioritize your transaction.
The max fee
The max fee is the total, global amount paid for your transaction: base fee + priority fee.
When setting custom gas fees it's important to check the historical Gas Prices on Ethereum Gas Tracker as a reference. Mind that low values may end up in very slow transactions as well as never succeeding.
Selecting the slower options are generally sufficient enough for less urgent transactions.
When you start to send a transaction, you'll see a pencil icon by the estimated fee details allowing you to edit your gas option:
Clicking on this button will allow you to choose between three options, 'Low', 'Market', or 'Aggressive'. These describe the amount of gas you're choosing to pay, and have these main implications:
'Low' involves paying less for gas, and most likely waiting longer for your transaction to complete.
'Market' sets your gas to reflect the current market rates.
'Aggressive' enables you to be more forceful with your transaction, and have it completed as soon as possible by paying more.
'Advanced' enables you customize gas parameters directly.
Select 'Advanced' if you wish to set the a custom gas value. Mind that low values may end up in very slow transactions times as well as never succeeding. It is important to check Ethereum Gas Tracker as a reference when settings custom values.
You can also save the values as default for future transactions.
When you start to send a transaction, you'll see a drop-down icon by the estimated fee details allowing you to edit your gas option:
Clicking on this drop-down will allow you to choose between three options, 'Low', 'Market', or 'Aggressive'. These describe the amount of gas you're choosing to pay, and have these main implications:
'Slow' involves paying less for gas, and most likely waiting longer for your transaction to complete.
'Normal' sets your gas to reflect the current market rates.
'Fast' enables you to be more forceful with your transaction, and have it completed as soon as possible by paying more.
'Custom' enables you customize gas parameters directly.
Select 'Custom' if you wish to set the a custom gas value. Mind that low values may end up in very slow transactions times as well as never succeeding. It is important to check Ethereum Gas Tracker as a reference when settings custom values.
References:
How to customize token approvals with a spending cap
When you interact with any dapp that involves your ANYONE token holdings in some way or another, you're likely to have to approve its access to that token's smart contract. Token allowances are specific to one token. That means that if you've granted an allowance for the Relay and Staking dashboard to access your 100 ANYONE, for example then you only need to sign another signature when the approved spending cap is reached or the approval is revoked.
In some cases, token allowances that exceed what you need for any single transaction can be convenient; it would be time-consuming to have to grant permission anew for every transaction you wish to make on the Relay and Staking Dashboard. Let's take a specific example, if you operate 5 non-relays that requires 100 ANYONE to lock per relay, instead for signing one approval for 100 ANYONE you can save time and transaction fees by approve a spending cap for 500 ANYONE. Here is how to do it:
An interaction with a Relay and Rewards Dashboard that requires a token approval will call up a screen that reads "Spending cap request". you'll see a pencil icon allowing you to edit the spending cap:
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