Suggest gas prices from ethgasstation.info

[JonathonDunford]

Issue by freeatnet
Friday Jan 05, 2018 at 22:00 GMT # Sample: Friday Sep 13, 2013 at 22:58 GMT
Originally opened as https://github.com/forkdelta/forkdelta.github.io/issues/2

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The interface should suggest an optimal gas price based on information from https://ethgasstation.info/.

[JonathonDunford]

Comment by mariohm1311
Saturday Jan 06, 2018 at 13:22 GMT # Sample: Friday Sep 13, 2013 at 22:58 GMT

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Actually, I'm pretty sure you could just make the default price change according to ethgasstation.info. That'd be a nice addition!

[JonathonDunford]

Comment by freeatnet
Monday Jan 08, 2018 at 22:34 GMT # Sample: Friday Sep 13, 2013 at 22:58 GMT

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@mariohm1311 For sure, default should be adjusted automatically, but I wonder if we should give users quick access to ethgasstation's "SafeLow" and "Fast" prices, too.

[JonathonDunford]

Comment by mariohm1311
Tuesday Jan 09, 2018 at 00:45 GMT # Sample: Friday Sep 13, 2013 at 22:58 GMT

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Definitely, include those options too with a small explanation / median
time for each level.

On Jan 8, 2018 11:34 PM, "Arseniy Ivanov" notifications@github.com wrote:

@mariohm1311 https://github.com/mariohm1311 For sure, default should be
adjusted automatically, but I wonder if we should also give users quick
access to ethgasstation's "SafeLow" and "Fast" prices, too.

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[JonathonDunford]

Comment by wordsandstuff
Thursday Jan 18, 2018 at 22:43 GMT # Sample: Friday Sep 13, 2013 at 22:58 GMT

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Please correct me if i am wrong, but the gas prices needs to be higher than the ethergas station price as the transactions are going to a contract witch require more gas.

[JonathonDunford]

Comment by freeatnet
Thursday Jan 18, 2018 at 23:23 GMT # Sample: Friday Sep 13, 2013 at 22:58 GMT

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@wordsandstuff Do you have a source for that information?

To clarify: "gas" is a measure of computation required to perform a transaction,. It is true that contracts require more "gas" because they require more computational steps than a regular fund transfer; however, a transaction requires the same amount of "gas" at any time. The sender can only set the maximum amount of computation they allow a transaction to take, "gas limit". Contracts typically require gas limit of 250,000.

You buy units of computation from miners at a price. That price is referred to as "gas price". This price can fluctuate a bit depending on network-wide demand for computation. This is what we're seeking to adjust dynamically.

Now: that is the theory of it. ethgasstation.info has a small note saying that gas prices may be different for addresses with a large number of pending transactions. @wordsandstuff, if you have any info on that, that'd be most welcome.

[JonathonDunford]

Comment by freeatnet
Thursday Jan 18, 2018 at 23:32 GMT # Sample: Friday Sep 13, 2013 at 22:58 GMT

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NB: MetaMask is experimenting with UI for letting the user set gas prices intuitively, too! MetaMask/metamask-extension#3037

[JonathonDunford]

Comment by mariohm1311
Thursday Jan 18, 2018 at 23:34 GMT # Sample: Friday Sep 13, 2013 at 22:58 GMT

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Yup, you got it right. What you need to adjust on a per-transaction basis
is the gas limit, since you can already pull the gas price from
EthGasStation.

The quick workaround which has been commented is just leaving the gas limit
on 250,000 (the maximum), and have the network return the unused amount. I
would prefer it to adjust on a request basis instead, since if you are
making several transactions you could be incurring on 3-4 times the amount
of has you need, which might be more than the available ETH and therefore
you wouldn't be able to pay (even if most of that gas will not be used).
I'm not sure how straightforward it'd be to implement it, but Metamask
automatically sets up the gas limit for you, so I guess it isn't that
complicated.

On Jan 19, 2018 00:23, "Arseniy Ivanov" notifications@github.com wrote:

@wordsandstuff https://github.com/wordsandstuff Do you have a source
for that information?

To clarify: "gas" is a measure of computation required to perform a
transaction,. It is true that contracts require more "gas" because they
require more computational steps than a regular fund transfer; however, a
transaction requires the same amount of "gas" at any time. The sender can
only set the maximum amount of computation they allow a transaction to
take, "gas limit". Contracts typically require gas limit of 250,000.

You buy units of computation from miners at a price. That price is
referred to as "gas price". This price can fluctuate a bit depending on
network-wide demand for computation. This is what we're seeking to adjust
dynamically.

Now: that is the theory of it. ethgasstation.info has a small note saying
that gas prices may be different for addresses with a large number of
pending transactions. @wordsandstuff https://github.com/wordsandstuff,
if you have any info on that, that'd be most welcome.

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[JonathonDunford]

Comment by freeatnet
Friday Jan 19, 2018 at 00:13 GMT # Sample: Friday Sep 13, 2013 at 22:58 GMT

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and have the network return the unused amount
That already happens. The transaction fee taken from your account is the lesser of (gas limit * gas price) and (gas usage * gas price).

You also typically cannot send a transaction until the previous one is mined, so multiple transactions shouldn't make a difference.

[JonathonDunford]

Comment by mariohm1311
Friday Jan 19, 2018 at 00:22 GMT # Sample: Friday Sep 13, 2013 at 22:58 GMT

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I'm pretty sure I've sent transactions back to back by hoping they would be
verified in the right order and setting the nonce manually. I'm not quite
sure though.

On Jan 19, 2018 01:13, "Arseniy Ivanov" notifications@github.com wrote:

and have the network return the unused amount
That already happens. The transaction fee taken from your account is the
lesser of (gas limit * gas price) and (gas usage * gas price).

You also typically cannot send a transaction until the previous one is
mined, so multiple transactions shouldn't make a difference.

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[JonathonDunford]

Comment by mhyytine
Friday Jan 19, 2018 at 20:44 GMT # Sample: Friday Sep 13, 2013 at 22:58 GMT

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What about making the default gas price equal to ethgasstation price plus one? Or would that just be overkill?

[JonathonDunford]

Comment by mariohm1311
Friday Jan 19, 2018 at 20:53 GMT # Sample: Friday Sep 13, 2013 at 22:58 GMT

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That's what I usually do. Most of the times, adding one to the median price
nets a sizeable improvement (since the median price is used by many
services).

On Jan 19, 2018 21:44, "mhyytine" notifications@github.com wrote:

What about making the default gas price equal to ethgasstation price plus
one? Or would that just be overkill?

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[JonathonDunford]

Comment by banteg
Monday Feb 05, 2018 at 10:10 GMT # Sample: Friday Sep 13, 2013 at 22:58 GMT

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a simpler api for gas price: https://gasprice.poa.network/

i'm the author, see https://github.com/banteg/gasprice