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What are gas (network) fees and how do they work?

Understanding Gas and Network Fees for Crypto Transactions

When you send cryptocurrency from your RockWallet, a network fee- also known as a gas fee or mining fee is charged. This fee is paid to the blockchain network to process and confirm the transaction. It is not collected by RockWallet.

Why do gas fees exist?

Gas fees are essential to how blockchains operate. They serve as compensation for network validators who confirm and secure transactions on the blockchain.

  • Gas fees fluctuate based on the level of activity on the network.

  • The more congested the network is, the higher the fee tends to be.

  • These fees are not fixed and may change from minute to minute depending on demand.

How are gas fees paid?

Gas fees are deducted from your wallet at the time of the transaction. How they are charged depends on the asset you are sending and the blockchain network it uses:

  • ETH (Ethereum):
    The gas fee is automatically taken from your ETH balance.

  • ERC-20 token (such as USDC, LINK, or others built on Ethereum):
    You must have ETH in your wallet to cover the gas fee, even though you are not sending ETH itself. More on ERC-20 tokens here

  • All other tokens:
    Gas Fees are taken in the native token.

If there is not enough ETH and/or native token to cover the gas (network) fee in your wallet to cover the fee, the transaction will fail.

What happens if I don’t have enough for the gas fee?

Your transaction will not go through. For ERC-20 tokens, this is a common issue users may have enough of the token they want to send (e.g., USDC), but not enough ETH to pay the fee. Make sure to keep a small ETH balance in your wallet to support successful transfers.

Additional Notes:

  • RockWallet does not set or collect gas fees. These are determined by the blockchain network.

  • Gas fees vary by asset and network. For example, BTC transactions require BTC for fees, while ERC-20 transactions require ETH.

  • Always confirm the estimated fee before proceeding with a send, especially during high network activity periods.

How to avoid common issues:

  • Ensure you have enough of the gas asset (e.g., ETH for ERC-20 tokens) in your wallet before sending.

  • Confirm that you are using the correct network for your asset and recipient wallet. More on supported networks here

  • Review all details before sending, as transactions on the blockchain are permanent and cannot be reversed.