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What are transaction fees?

Transaction fees are paid when a certain amount of tokens are transferred from one wallet to another. The fees are flexible in nature and can vary based on how busy the blockchain is at that particular moment.

If you want your transaction to be executed ASAP, you can do so by paying a higher transaction fee. Miners and validators, who have to verify transactions, will then typically prioritize the transaction.

Transaction fees on the Etherium network are also called gas fees as they are measured in gas, which can be described as a small fraction of ETH.