Inquiry of Ethereum Transactions Dynamic Average Gas Price
As an ethereum developer, you are probably interested in understanding how to scan the Dynamic Average Gas Price (or “MaxpriorityFeePergas” and “MaxFeePergas”), which guides transactions. This value is essential for optimizing gas consumption and providing optimal transaction processing time.
In this article, we examine the process of retrieving these values with the smart contracts of ethereum blockchain.
Understanding Gas Prices
Gas prices are calculated on the Ethereum Network based on a number of factors:
1.
2.
- Maximum fee for gas (MF) per transaction : The Maximum amount that can be charged as a transaction fee for each gas unit.
Return The Dynamic Average Gas Price
To retrieve the Dynamic average gas price, you must analyze current gas prices and charges in connection with the transactions of ethereum network. Here are the steps:
Step 1: Collects gas prices data
You can use different devices or libraries to collect gas prices from the ethereum blockchain. Some popular options are as follows:
Ethers.js: JavaScript Library that provides a simple surface to query ethereum data.
Web3.js: JavaScript Directory that allows the interaction of the Ethereum Network and the query data.
`Javascript
Const ethhhers = Requires ('ethers');
Const Web3 = New Web3 (New Ethers.Poviders.JSONRPCPROVER ('
// Get Gas Prices for a Particular Transaction Hash
Async Function GetGasprice (Hash) {
Const transaction = waiting for web3.eth.gettransection (hash);
Const Gasprice = waiting for the transaction.gasprice;
Returning Gas Price;
}
Step 2: Analyze Transaction Fees
To calculate the Dynamic average gas price, you must analyze the fees related to each transaction. Use the “Web3” directory to download the details and fees of the transaction.
`Javascript
Async Function GetTransectionFees (TransectionHash) {
Const transaction = waiting for web3.eth.gettransection (transaction back);
Const FEEMOUNT = waiting for the transaction.fee;
Const GasSrice = Wait for Getgasprice (Transaction); // use this value for calculations
RETURN FEEMOUNT + (GASPRICE * 1000000); // Convert Gwei to Wei and Add the Amount in the Wei
}
Step 3: calculate the Dynamic Average Gas Price
Now that you have the gas price and fees for each transaction, you can calculate the dynamic average gas price.
`Javascript
Async Function GetdynamicaverageGasprice () {
Let totalgasprice = 0;
Letalfees = 0;
// Get All Transactions From Ethereum Network
Const transactions = waiting for web3.eth.gettransectionlist ();
for (transactions const transaction) {
Const GasSrice = wait for GetSPrice (Transaction.hash);
Const FEEMount = Waiting for GetTransectionFees (Transaction.Hash);
IF (FEEAmount> Totalfees + FEEAmount) {
// update the Dynamic Average Gas Price
TotalGasprice += Gasprice;
Totalfees = 0;
} Else {
Totalfees += FEEAmount;
}
}
Const DynamicaverageGasprice = (Totalgasprice / Transaction.length) .ttonumber ();
Return DynamicAverageGasprice;
}
Example use the case
To present these features, create a simple application that displays the Dynamic average gas price.