Transaction fees can vary for several reasons, depending on the type of transaction and the network used. Here's what you need to know about fees with Ulys:
Network Fees
During the Trusted Tester launch, transactions on Ulys are subject to network fees. These fees are set by the blockchain network (e.g., base network fees from validators or miners) and are not collected by Ulys. However, once we transition to the public launch, Ulys will begin collecting fees in addition to the network fees.
Why Your Fees Might Vary:
- Network Congestion: Blockchain networks like Bitcoin or Ethereum experience fluctuating usage levels. High activity can cause fees to spike, as transactions with higher fees get processed faster by miners or validators.
- Crypto Asset Type and Blockchain Network: Each cryptocurrency operates differently. For example, Ethereum fees (often referred to as gas fees) are typically higher during peak usage. Ulys operates on Base, an Ethereum Layer 2 network, allowing you to save on fees while benefiting from Ethereum’s security and ecosystem.
- Transaction Size and Complexity: Blocks on a blockchain have limited space. If your transaction includes multiple inputs or outputs, it may occupy more space and incur higher fees.
- Dynamic Fee Estimates: Applications like Ulys calculate estimated fees in real-time based on network traffic to ensure transactions are processed promptly.
By understanding what affects your fees, you can make better-informed decisions about your transactions. For additional questions, feel free to contact a Customer Experience Specialist by clicking HERE.
For more information, see: