Solana Blockchain has Higher Gas Fee Compared to Bitgert Chain (2024)
Bitgert chain has a gas fee that is 100x cheaper than Solana
Key Points:
Solana gas fee is still compared to competing blockchains
Bitgert to remain the only zero gas fee in the industry
The Solana blockchain gas fee was once considered the lowest in the industry. But the coming of other highly advanced blockchain technologies is overtaking the old blockchains like Solana. Bitgert is one of the new-generation blockchains giving Solana tough competition in the market.
Widely referred to as the Solana Killer, Bitgert has gone ahead to build a powerful blockchain that is giving the Solana project tough competition. The Bitgert BRC20 blockchain has a gas fee of $0.0000000000001 for every transaction, while the Solana chain gas fee is around $0.00025 per transaction.
This means Bitgert chain has a gas fee that is 100x cheaper than Solana. This is one of the biggest steps that the Bitgert team has made toward killing the Solana project. With the lowest gas fee in the industry, the Bitgert chain adoption rate has been growing rapidly and faster than Solana.
But apart from the cheaper gas fee, the Bitgert chain offers better features than the Solana chain. A look at the speed of the two blockchains, Bitgert is currently the fastest blockchain. At 100k TPS, Bitgert is now faster than Solana, which is currently supporting 65k transactions per second. This is another major reason why the Bitgert chain has surpassed Solana chain performance.
The building of the ecosystem is the next front that the Bitgert team is working on, with the aim of building the largest and the most disruptive blockchain ecosystem than Solana. The Bitgert roadmap V2 was launched in Q2 2022 and has a range of DeFi, Web3 and NFT products.
The Bitgert NFT marketplace is expected to outperform the Solana NFT marketplace because of the faster chain and cheaper gas fee. The Bitgert DeFi ecosystem is also expected to grow faster than Solana DeFi because of the revolutionary BRC20 blockchain they will be running on.
So it is not just the gas fee that Bitgert BRC20 is outperforming Solana but also the chain speed and the ecosystem growth. Therefore, Bitgert makes a better option than Solana in terms of crypto investment.
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Solana gas fee – that is, the cost for each transaction – amounts to about $0.02275 (0.00015 SOL). This amount includes the base fee as well as the so-called prioritization fee.
The Bitgert project employs a Proof of Authority Model hosting over 100,000 transactions per second at a near-zero gas fee of $0.001, and it has hosted over 25M transactions on its platform.
Ethereum gas fees are once again approaching record highs, putting a strain on everybody's wallets. With an average Ethereum gas fee now sitting at more than $46 for ERC-20 transfers, Ethereum transactions are now more than 20X higher than most other popular blockchains.
On the Solana blockchain, transaction fees are dynamic and fluctuate based on several factors, including network congestion, data size, and transaction priority. However, Solana is known for its exceptionally low transaction fees, making it an attractive platform for NFT minting and other blockchain-based activities.
Moreover, Bitgert shares with its investors a 4% commission on every transaction, proportional to their stake and in BUSD tokens. The total tax commission on the network is 12%.
To avoid Ethereum gas fees, consider timing transactions during off-peak periods and utilizing layer-2 solutions like Polygon or Arbitrum for cheaper and faster transactions. Exploring alternative blockchains such as Solana or Avalanche can also offer lower fees.
Solana issues new tokens at a pre-defined rate, which will reduce incrementally until it reaches the minimum of 1.5%. It also burns transaction fees at a defined rate of 50%, with the remainder allocated to the validator processing the transaction.
Solana. The gas fee mechanism is similar to EIP-1559, where you can specify the priority fee to incentivize miners to include your transaction in a block. However, there's no max fee concept in Solana, and the gasLimit is optional as Solana defaults to a gas limit of 200,000 micro-lamport (10^-15 SOL).
Someone paid $3.1 million in transaction fees for a bitcoin (BTC) transfer on Thursday. Bitcoin miner Antpool was rewarded for mining the block. It received the standard 6.25 BTC as well as 85.2163 BTC in fees for all transactions included in the block, on-chain data shows.
There are a few different cryptocurrencies that have low or no transaction fees, including Nano, Stellar Lumens, IOTA, and XRP. Nano and Stellar Lumens both have zero transaction fees, while IOTA has a very low transaction fee of just 0.0001 MIOTA. XRP has a low transaction fee of just 0.00001 XRP.
For the long term, Solana relies on transaction fees to sustain security. A fixed portion (initially set at 50%) of each transaction fee is burned, with the rest sent to the current leader. Solana burns fees to fortify the value of SOL while discouraging malicious validators from censoring transactions.
Each transaction fee on Solana is primarily determined by the computational resources required, including the number of signatures to be verified and the complexity of the transaction. Although Solana's fees can vary based on network demand, the structure tends to be more predictable compared to other blockchains.
The base fee is fixed per signature at 5000 lamports (0.000005 SOL, $0.0003 at $60/SOL) per signature; the vast majority of Solana transactions have one signature. The optional priority fee is specified in the transaction, and is denominated in microlamports per CU requested.
Introduction: My name is Tish Haag, I am a excited, delightful, curious, beautiful, agreeable, enchanting, fancy person who loves writing and wants to share my knowledge and understanding with you.
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