Getting the Dynamic Average Gas Price for Ethereum Transactions
As an Ethereum developer, you are probably wondering how to get the dynamic average gas price (or “maxPriorityFeePerGas” and “maxFeePerGas”) that governs your transactions. This value is essential for optimizing gas usage and ensuring optimal transaction processing times.
In this article, we will explore the process of obtaining these values using Ethereum blockchain smart contracts.
Understanding Gas Prices
On the Ethereum network, gas prices are calculated based on several factors:
- Gas Price Per Unit (Gwei)
: This is the base price for each unit of gas.
- Maximum Gas Priority Fee (MPF): The maximum amount a miner can charge as a priority fee when accepting transactions from a sender with insufficient funds.
- Maximum Gas Fee (MF) per Transaction: The maximum amount that can be charged as a transaction fee for each unit of gas.
Getting the Moving Average Gas Price
To get the moving average gas price, you will need to analyze the current gas prices and fees associated with transactions on the Ethereum network. Here are the steps:
Step 1: Collect Gas Price Data
You can use a variety of tools or libraries to collect gas price data from the Ethereum blockchain. Some popular options include:
ethers.js: A JavaScript library that provides a simple interface for querying Ethereum data.
web3.js: A JavaScript library that allows you to interact with the Ethereum network and search for data.
const ethers = require('ethers');
const web3 = new Web3(new ethers.providers.JsonRpcProvider('
// Get the gas price for a specific transaction hash
async function getGasPrice(hash) {
const transaction = wait web3.eth.getTransaction(hash);
const gasPrice = await transaction.gasPrice;
returngasPrice;
}
Step 2: Analyze transaction fees
To calculate the moving average gas price, you will need to analyze the fees associated with each transaction. You can use the web3 library to get details about transactions and fees.
async function getTransactionFees(transactionHash) {
const transaction = wait web3.eth.getTransaction(transactionHash);
const feeAmount = await transaction.fee;
const gasPrice = await getGasPrice(transactionHash); // Use this value for your calculations
return fee Amount + (gas price * 1,000,000); // Convert Gwei to Wei and add to the fee amount in Wei
}
Step 3: Calculate the dynamic average gas price
Now that you have the gas price and fees associated with each transaction, you can calculate the dynamic average gas price.
async function getDynamicAverageGasPrice() {
let totalGasPrice = 0;
let totalFees = 0;
// Get all transactions from the Ethereum network
const transactions = wait web3.eth.getTransactionList();
for (const transaction transactions) {
const gasPrice = wait getGasPrice(transaction.hash);
const feeAmount = wait getTransactionFees(transaction.hash);
if (feeAmount > totalFees + feeAmount) {
// Update dynamic average gas price
totalGasPrice += GasPrice;
totalFees = 0;
} else {
totalFees += FeeAmount;
}
}
const dynamicAverageGasPrice = (totalGasPrice / transaction.length).toNumber();
return dynamicAverageGasPrice;
}
Usage Example
To demonstrate the use of these functions, create a simple application that displays the dynamic average gas price.