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What are cross-chain fees?
Cross-chain fees refer to the costs incurred when transferring assets across different blockchain networks, including Gas fees (transaction or “fuel” fees) and, in some cases, bridging service fees (charged only occasionally). They are used to verify and process transactions, ensuring that cross-chain transfers are secure and efficient.
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Why do gas fees fluctuate?
Gas fees are determined by the supply and demand on the blockchain network, so fluctuations are normal. When the network is busy, transaction processing slows down, causing gas fees to increase; conversely, when the network is less congested, gas fees decrease. Different blockchain networks (e.g., Ethereum, Solana) have varying architectures and user demands, so the extent of gas fee fluctuations can differ across networks.
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Who collects cross-chain transaction fees?
BenPay does not collect cross-chain transaction fees. They are determined by the blockchain network used by the user (e.g., ETH, BSC) and are paid to miners or validators as compensation for maintaining the network's computational resources. BenPay only provides cross-chain services to help users transfer assets between different chains.
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How can I choose lower-cost cross-chain operations?
To choose lower-cost cross-chain operations, you can pay attention to the following points:
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Choose blockchains with lower fees: Networks like Solana, Optimism, and Arbitrum generally have lower gas fees than Ethereum.
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Avoid peak network periods: Try to avoid performing cross-chain operations during network congestion, as gas fees are usually higher during high-demand periods.
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Check gas fee announcements: Some cross-chain bridges and wallets provide real-time gas fee estimates to help you select the optimal time and network for your transactions.
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How can I check the current cross-chain fees?
You can view the estimated fees for each transaction on the BenPay platform. The specific fee amount is displayed before you submit a transaction, allowing you to make an informed decision. Note that fees are calculated independently for different blockchains and may fluctuate at different times.