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The minimum gas price required for a transaction to be included in an Ethereum block.
Definition
The minimum gas price required for a transaction to be included in an Ethereum block. Introduced by EIP-1559, the base fee adjusts automatically based on network congestion. When blocks are more than 50% full, the base fee increases. When less than 50% full, it decreases. The base fee is burned, not paid to validators.
Related Terms
The fee paid to process transactions on Ethereum and similar blockchains.
Permanently removing tokens from circulation by sending them to an unusable wallet address.
A transfer of value or data recorded on a blockchain.
Application Binary Interface.
A way to make crypto wallets behave more like normal apps by turning every account into a smart contract.
The way Ethereum and many other chains track balances.
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