We call this the L1 data fee, and it's the primary discrepancy between OP Mainnet (and other L2s) and Ethereum.īecause the cost of gas is so expensive on Ethereum, the L1 data fee typically dominates the total cost of a transaction on OP Mainnet. Users on OP Mainnet have to pay for the cost of submitting their transactions to Ethereum. This step is crucial to the security properties of OP Mainnet because it means that all of the data you need to sync an OP Mainnet node is always publicly available on Ethereum. OP Mainnet differs from Ethereum because all transactions on OP Mainnet are also published to Ethereum. In contrast to the base fee, the priority fee in the transaction is the amount that the user pays, and therefore it makes sense to keep it as low as possible.įor OP Chains, you can set the Max Priority Fee to as low as 0.0001 gwei. You can get the current L2 base fee in the gas tracker dashboard (opens new window). That plus a reasonable priority fee would be the value to put in the transaction as max gas fee, even though the L2 base fee (as I'm writing this) is 2,420 wei. In most cases, it makes sense to specify a much higher base fee than the current value, to ensure acceptance.įor example, as I'm writing this, ETH is about $2000, and a cent is about 5000 gwei.Īssuming 20% of a cent is an acceptable base fee for a transaction, and that the transaction is a big 5,000,000 gas one (at the target block size), this gives us a base fee of 200,000 wei. The base fee specified in the transaction ( max_gas_fee - max_priority_fee) is not necessarily the base fee that the user will pay, it is merely an upper limit to that amount. This value will get your user's transaction included in the next block 98% of the time. If it takes the user fourteen seconds to approve the transaction in the wallet, the base fee can almost double in that time.įor now, without protocol adjustments, we recommend setting your Max Fee to at least 0.1 gwei. This is exactly how fees work on Ethereum with the added bonus that gas prices on OP Mainnet are seriously low.Īs blocks are produced every two seconds, the base fee can be between 54% and 1,745% of the value a minute earlier. Just like on Ethereum, transactions on OP Mainnet have to pay gas for the amount of computation and storage that they use.Įvery L2 transaction will pay some execution fee, equal to the amount of gas used by the transaction multiplied by the gas price attached to the transaction. There are two costs for transaction on OP Mainnet: the L2 execution fee and the L1 data/security fee. OP Stack fee estimation will soon be natively availabe in your favorite Ethereum tools. If the SDK is too heavy, or you just want to walk through some reference code, use (opens new window). You can use our SDK (opens new window) to calculate those costs for you. This page includes the formula for calculating the gas cost of transactions on OP Mainnet. Luckily, OP Mainnet's EVM equivalence (opens new window) makes these differences easy to understand and even easier to handle within your app. However, Layer 2 introduces some new paradigms that means it can never be exactly like Ethereum. Follow Creath’s social media pages to stay up to date on its future goals and objectives.Transaction fees on OP Mainnet work a lot like fees on Ethereum. So far, Optimism has completed two rounds of OP airdrops, with token holders awaiting a third round.Ĭreath will release more information about its transition to the Optimism blockchain in the coming months. However, once the transition to OP Mainnet begins, Creath’s community can enjoy the benefits of transacting with OP tokens, one of which is OP airdrops. For this reason, USDC, an ERC-20 compatible token, is used with traditional fiat to facilitate transactions on the platform. Creath’s pilot project, Creath Art Marketplace, is currently built on the ERC-20 blockchain. OVM is an iteration of the Ethereum Virtual Machine (EVM) that makes it possible to onboard projects on OP Mainnet without having to rewrite existing systems.Ĭreath aims to introduce its community to the perks of transacting with OP tokens. Thanks to the Optimistic Virtual Machine (OVM), transitioning from Ethereum smart contracts to Optimism is seamless. Some benefits that Creath and its community will enjoy from Optimism are scalability, simple integration, and low costs. Creath has identified an immense potential for growth on OP Mainnet, and the company plans to leverage it as a solution for application efficiency and improved user accessibility.
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