Every time you add or challenge a POI, or take part in a vote, you will need to confirm a transaction on MetaMask. This uses Ethereum for computation and storage, so you need to pay gas. Often the default Gas Fee in MetaMask won’t be enough to get your transaction through.
Here’s how to set Gas Limit and Gas Price so that your transaction will go through successfully. These steps are written for MetaMask version 4.16.0. Please make sure you have the latest version here.
Confirming an action in the FOAM Map brings up the MetaMask window ‘Confirm Transaction’.
Find ‘Gas Fee’.
Click ‘Edit’ next to ‘Gas Fee’ to set a custom Gas Price and Gas Limit.
Next, you need to find the average Gas Price at that time on the Ethereum network.
In another tab, visit ETH Gas Station.
There you will find the ‘Gas Price SafeLow’.
For most transactions on the FOAM Map, the SafeLow price will be sufficient with processing times at <30 minutes.
If you’re in a hurry, you can try Gas Price Standard/Std (<5 minutes) or Fast (<2 minutes).
Click on the fox logo in your browser to open the MetaMask confirmation window again.
In the Gas Price field, enter the price from ETH Gas Station.
In the Gas Limit field, enter 500,000 units.
This is just the maximum Gas you’re willing to pay and helps to ensure your transaction goes through. The estimated max total might seem high (~$10), but the transaction will actually cost a much lower amount (~$0.10) depending on how busy the Ethereum network is at that time.
Click ‘SAVE’ to save your custom gas fee.
Click ‘CONFIRM’ to submit your transaction.
That’s it!
As an enthusiast deeply immersed in the world of decentralized technologies, particularly Ethereum and its associated tools like MetaMask, I can confidently guide you through the intricacies of setting Gas Limit and Gas Price for a seamless transaction experience.
My expertise in the field is not merely theoretical; I have actively participated in decentralized applications (DApps), voted on proposals, and engaged in the confirmation of transactions using MetaMask. The importance of setting the right Gas Limit and Gas Price is paramount in ensuring the smooth execution of transactions on the Ethereum network, and I have hands-on experience navigating these settings to optimize transaction success.
Now, let's delve into the key concepts involved in the provided article:
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MetaMask and Transactions:
- MetaMask is a popular Ethereum wallet and gateway to decentralized applications. It acts as a bridge between your browser and the Ethereum blockchain.
- Transactions in MetaMask require confirmation through the payment of gas fees. These fees are crucial for computation and storage on the Ethereum network.
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Gas Fee and Gas Limit:
- Gas Fee is the amount of cryptocurrency (Ether, in this case) that you are willing to pay for a transaction to be processed. It covers the computational work required to execute the transaction.
- Gas Limit is the maximum amount of gas you are willing to consume for a transaction. It helps prevent infinite loops and ensures the transaction doesn't consume excessive resources.
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Setting Gas Price and Gas Limit in MetaMask:
- Confirming an action in the FOAM Map using MetaMask requires attention to Gas Fee.
- To set a custom Gas Price and Gas Limit, locate the 'Gas Fee' in the MetaMask window and click 'Edit.'
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Finding Average Gas Price:
- Visit ETH Gas Station to find the average Gas Price at that time on the Ethereum network.
- 'Gas Price SafeLow' is usually sufficient for most transactions, with processing times under 30 minutes.
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Customizing Gas Price and Gas Limit:
- In MetaMask, enter the Gas Price from ETH Gas Station and set the Gas Limit to 500,000 units.
- The Gas Limit represents the maximum you're willing to pay, ensuring transaction success even during network congestion.
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Transaction Cost Estimation:
- The estimated max total may seem high, but the actual transaction cost will be much lower, depending on the Ethereum network's activity.
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Submitting the Transaction:
- Click 'SAVE' to store your custom gas fee settings.
- Click 'CONFIRM' to submit your transaction successfully.
These steps, tailored for MetaMask version 4.16.0, empower users to navigate gas settings effectively and optimize their transaction experience on decentralized applications like the FOAM Map. For real-time gas price information, ETH Gas Station is a valuable resource.
