Gas can get expensive when the Ethereum network is experiencing a high volume of transactions. For each new block added to the Ethereum blockchain, there is limited space for how many transactions can be included. Due to supply and demand, miners are incentivized to accept transactions at higher gas fees. If gas fees are high, this does not mean that the Ethereum network is broken, it’s just a function of how it currently works.
You always have the choice to accept to pay a high gas fee or not. When your wallet prompts you to pay for gas, you are presented with three options to accept the transaction at the price and speed you want. Paying the lowest gas price means your transaction will take the longest time to complete.
If you would like your transaction to be completed quicker, you can pay an additional gas fee to speed it up. In your wallet, once you’ve submitted a transaction, click the button that says “Speed Up.” This will let you re-submit the same transaction for a higher fee, to be processed quicker.
To cancel a transaction, click “Cancel.” A cancellation can only be attempted if the transaction is still pending. If the transaction is cancelled or fails, you will still have to pay a gas fee to the network.
Why is gas so expensive?