If you set the gas fee too low, your transaction may not be processed at all, especially during times of network congestion. The transaction could end up being stuck in the mempool (a temporary holding area for transactions waiting to be processed), potentially leading to a timeout or failure. In some cases, the transaction could be dropped from the mempool, requiring you to resubmit the transaction with a higher gas fee.
5. How often do gas prices change, and what factors can impact them?
Gas prices can change rapidly, often within minutes or seconds, depending on network activity. Factors that can influence gas prices include overall transaction volume, the number of active users on the network, the complexity of transactions, and current demand for block space. Major events, such as token launches or market fluctuations, can lead to sudden spikes in gas prices. Staying updated on these factors can help users make informed decisions regarding gas fee settings.