Hi @IvanFunctionX …. I’m following, I’m not part of the team … I can give my vote as a delegator on a proposal but think it’s a good question and wait for an answer … greetings
Maybe because BNB and FX prices are so far from each other…
BNB = 326$ and FX=0.18$
BNB is 1800 times more expensive than FX. Thus, having a gas price which only has a ratio of 500 makes FX transaction fees 3-4 times cheaper than BSC.
If FX gas price was only 1 gwei, there’s absolutely no way for validators to cover for their server costs and quality…
At least, that’s my assumption…
To add on to what @FrenchXCore said, another reason is to prevent spam transactions.
Back in 2021, Polygon’s gas price was also 1 gwei, and users were spamming the chain by sending 0 value transactions to themselves repeatedly. Sandeep posted on Polygon’s forum.
- In order to curb spam transactions in its ecosystem, they increased it to 30 gwei.
Fast forward to 2023, their base gwei is now 200+.
Base Gwei is determined by the demand for a transaction to be included and will increase or decrease in accordance with the number of users interacting with the blockchain.
- It changes during times of high network activity.
- As long as you pay the required base gas price, your transaction will be included in a block.
- It’s like fuel for a car to operate, and in this case, the blockchain.
- It could increase or decrease if the token price changes significantly.
The cost of a particular transaction is not actually determined by the price of gas alone.
- We must multiply the amount of gas consumed by the base gas fee, which is expressed in gwei, in order to get the transaction fee.
And to add on what @SCENE just wrote, transaction costs also depend on validators minimum gas fee.
As of right now, all validators are configured with the same minimum gas price (0.000004FX), but it might change in the future as the number of validators will grow ! (as as of the willingness of each validator).
I would say both of our answers are considered “add-on” or secondary answers and may not be the initial or primary reason why it was set or defaulted to 500 gwei in the first place.
Maybe the devs have their own reasoning too, just in case.
Leaving it open to see if there are any other answers, would be good to learn some new stuff too
@FrenchXCore for me you are one of the validators who also asks many answers and good questions in this forum … makes me feel good as a delegator sorry for my Engelisch
Always pleased when complimented ! Thx buddy !!!