Glossary

The base fee in Ethereum's gas fee model, introduced by EIP-1559 is the basic fee that dynamically adjusts according to the demand for transactions on the network.

The priority fee in Ethereum's gas fee model, introduced by EIP-1559 is the additional fee (tip) that users pay to miners. It is used to increase the priority of a transaction.

estimate_gas is an RPC (Remote Procedure Call) method used to estimate the gas usage of a transaction on the Ethereum blockchain. By using this method, users can know the amount of gas required for a transaction to succeed in advance.

Gwei is a unit of measurement for gas fees used on the Ethereum blockchain. When performing transactions or executing smart contracts on Ethereum, a fee known as the gas fee is required. This gas fee is expressed in units of Gwei. Gwei is a small unit of Ether (ETH). 1 ETH is equal to 1,000,000,000 gwei (1 billion gwei). Because the unit of ETH is too large, the smaller unit of gwei is used to make everyday transaction fees easier to understand.