When performing on-chain operations on the Bitlayer network, setting the appropriate gas fee is crucial. If the fee is set too low, your transaction might be ignored by miners and remain pending for a long time. If it's set too high, your transaction may be confirmed faster, but you will end up paying more than necessary in fees.
Currently, the average gas fee for a transfer on Bitlayer is around $0.30. However, depending on network conditions, you might encounter situations where the suggested fee is higher. To optimize costs and ensure timely processing, it's often useful to manually adjust the gas parameters in your Web3 wallet.
This guide walks you through the steps of customizing gas settings, with a focus on users of OKX Wallet. Although the wallet’s default gas settings may sometimes be lower than required, you can easily adjust them using the instructions below.
Why Adjusting Gas Fees Matters
Gas fees are payments users make to compensate for the computing energy required to process and validate transactions on a blockchain. On networks like Bitlayer, which is the first Bitcoin-equivalent Layer 2 based on BitVM, proper fee management helps you save money and avoid delays.
Whether you're transferring assets, interacting with dApps, or claiming rewards, understanding and controlling gas parameters puts you in charge of your on-chain experience.
Step-by-Step Guide to Manually Set Gas in OKX Wallet
Follow these steps to customize gas parameters when sending a transaction on Bitlayer via OKX Wallet.
Step 1: Open the Transaction Screen
Initiate a transfer as you normally would. On the transaction confirmation screen, you will see an estimated network fee. For example, it might display a value like 0.00000238 BTC (approximately $0.16).
Tap on the fee section to proceed to adjustment.
Step 2: Choose a Fee Tier
You will be presented with several options for network speed and cost: Slow, Average, Fast, and Custom.
Select Custom to manually input your preferred gas price.
Step 3: Enter a Custom Gas Price
The interface will indicate the minimum acceptable gas price—for example, Greater than 0.112458746.
Enter a value slightly above this minimum, such as 0.1125, to ensure your transaction is processed without being rejected.
Confirm your entry.
Step 4: Review and Confirm Transaction
You will be returned to the transaction summary screen. Double-check the recipient address and the updated gas fee.
If everything is correct, tap Confirm to broadcast the transaction to the network.
Your transaction will now be submitted with the customized gas settings.
Best Practices for Gas Adjustment
- Monitor Network Congestion: During periods of high activity, you may need to set higher gas prices to get included in the next block.
- Use Estimators: Some blockchain explorers and dashboards provide real-time gas price estimates. These can serve as a useful reference.
- Avoid Extremes: Very low gas prices can cause transactions to stall. Very high ones are wasteful. Aim for a reasonable middle ground.
👉 Explore real-time gas tracking tools
Frequently Asked Questions
What is gas in blockchain terminology?
Gas refers to the unit that measures the amount of computational effort required to execute operations, like a transfer or a smart contract interaction. Users pay gas fees to compensate network validators.
Why did my transaction fail after setting a low gas price?
If the gas price is too low, miners and validators may prioritize other transactions with higher fees. This can result in your transaction being stuck or eventually dropped from the mempool.
Can I cancel or replace a pending transaction with low gas?
Some wallets allow you to speed up or replace a pending transaction by resubmitting it with a higher gas price. Check if your wallet supports this feature.
How often should I adjust gas settings?
It depends on network conditions. For frequent users, checking each time is advisable. For occasional transactions, using the default “Average” setting is often sufficient.
Is it possible to set gas too high?
Yes. While high gas prices can lead to faster confirmation, they are not cost-effective. Always balance speed with economy.
Does Bitlayer have lower gas fees than Ethereum?
Generally, yes. As a Bitcoin Layer 2, Bitlayer aims for lower costs and higher scalability while leveraging Bitcoin's security model.
Final Tips
Manually setting gas fees gives you greater control over your transaction costs and confirmation times. Especially during network surges, taking a moment to adjust these parameters can lead to significant savings and a smoother experience.
Always remember to verify transaction details before confirming and make use of available resources to stay informed about real-time network conditions.
Happy transacting!
This guide is for educational purposes only. Always ensure you are using official platforms and exercising caution when performing on-chain operations.