Summary
Transactions on Polygon incur fees that are paid to the network in MATIC. This means that you must have a balance of MATIC in your wallet in order to execute any type of transaction on the Polygon network. You can use the Bitcoin.com Wallet app to customize the fees you pay for your Polygon transactions.
Here’s how to customize the transaction fee for Ethereum and Ethereum Virtual Machine (EVM) chains including Avalanche and Polygon:
Table of contents
Customizing fees when using the Polygon network in the Bitcoin.com Wallet app
Manually customizing fees when using the Polygon network in the Bitcoin.com Wallet app
How do fees work on the Polygon network
When you create a transaction on the Polygon network using the Bitcoin.com Wallet app, you can customize the fee you pay to the Polygon network. Here's how:
On the "Enter send amount" screen, tap on the "Network fee" icon at the bottom-left
Choose from one of the three following options:
'Eco' means you'll pay a lower fee, but your transaction will take longer*
'Fast' strikes the optimal balance between cost and speed
'Fastest' optimizes for speed over cost
The Bitcoin.com Wallet app constantly monitors the market rate for gas, as well as the current base fee cost, to arrive at the optimal price for each preset mode. However, you also have the option to manually customize your gas price for each transaction (see below for an explanation of how 'gas' relates to fees in Polygon). You can check gas rates using a tool like https://polygonscan.com/gastracker and set customized fees based on the market rate for gas. Here's how to set customized fees in your wallet:
On the "Enter send amount" screen, tap on the "Network fee" icon at the bottom-left
Select "Advanced fee options." You'll then be prompted to enter the precise gas price in Gwei for your transaction.
The cost you pay for a transaction on the Polygon PoS network is two-fold. First, there is the base fee, which is burned (destroyed). Second is the inclusion fee, or tip, which is paid to network validators. Both of these fees are influenced by market forces, meaning the cost goes up when the network is congested. The total cost for a transaction also depends on its complexity.
Transaction complexity is measured by computational effort, which is delineated in units of "gas." For example, sending MATIC from one wallet to another (one of the simplest transactions you can make), may consume up to 21,000 units of gas. One unit of gas is equal to 0.000000001 MATIC (10-9 MATIC). Note that this denomination of MATIC is also known as a giga-wei, or gwei.
Total fees are calculated as follows:
Gas units * (base fee + tip)
Let’s look at an example where Alice sends Bob 1 MATIC. Imagine the base fee is 100 gwei and Alice includes a tip of 10 gwei. Using the above formula, we can calculate this as 21,000 * (100 + 10) = 2,310,000 gwei or 0.00231 MATIC.
When Alice sends the money, 1.00231 MATIC will be deducted from Alice's account. Bob will be credited 1.0000 MATIC. The validator will receive the tip of 0.00021 MATIC and the base fee of 0.0021 MATIC is burned.
