Avalon Labs (AVL) revolutionizes Bitcoin finance with BTC-backed stablecoin lending, CeDeFi & DeFi solutions. Borrow, stake & earn with BTC-based assets.

 (BTC)’s financial ecosystem, known as 

, has experienced significant growth over the past few years, with a number of sidechains, rollup platforms and cross-chain applications helping users leverage their BTC funds for 

 (DeFi) operations. One of the newer BTCFi solutions on the market is Avalon Labs, a multi-chain platform focused on Bitcoin-backed 

Avalon lets users borrow stablecoins by providing collateral in BTC or BTC-related assets, such as Bitcoin-pegged tokens and 

 of Bitcoin. Users can access funds at fixed repayment rates, ensuring stability in the otherwise volatile crypto finance world. This stability, in turn, drives the more active use of Bitcoin-backed assets in the 

Importantly, Avalon Labs has secured access to billions of dollars in accessible stablecoin funds from centralized finance (CeFi) institutions, helping it act as a key bridge between the worlds of traditional and crypto finance.

 (AVL) is a decentralized BTCFi lending platform that lets users borrow stablecoins by supplying collateral in the Bitcoin cryptocurrency or in BTC-related crypto assets.

 The platform also provides opportunities to earn yield by supplying crypto funds to several liquidity pools. The platform's flagship asset is the USDa stablecoin, backed by Bitcoin.

Avalon also offers other lending opportunities via two primary modes: CeDeFi and DeFi. The CeDeFi offering allows users to access funds in the 

 (USDT) stablecoin, while the DeFi component is made up of three lending and borrowing pools — based on BTC and BTC's liquid staking derivatives, 

Avalon Labs has implemented a series of risk mitigation measures in order to protect its users and ecosystem. Measures focusing on the lending mechanism include the requirement for overcollateralization of all loans, and a rigorous liquidation procedure activated when the 

 (LTV) ratio drops below sustainable levels. Platform-wide risk mitigation measures include regular internal and external security audits, and AI-driven 

Avalon Labs operates on multiple blockchain platforms, including 

, with plans to expand to more decentralized networks in the future.

The project conducted its seed round fundraising in March 2024, and actively entered the BTCFi niche in November 2024 with the launch of its USDa stablecoin. As of the time of writing in early February 2025, the platform is preparing for the launch of its native token, AVL.

USDa is Avalon’s Bitcoin-backed stablecoin, designed to help BTC holders put their funds to active use in the DeFi ecosystem. By providing Bitcoin-based collateral, borrowers can mint USDa, which is freely exchangeable with the USDT stablecoin at a 1:1 ratio. As such, USDa is indirectly pegged to the U.S. dollar via a fixed-rate USDT conversion mechanism.

By locking their collateral and requesting USDa, users create so-called collateralized debt positions (CDPs) — an overcollateralized crypto debt instrument first popularized in the DeFi industry by 

Besides the stable, USD-pegged rate, USDa boasts several other benefits. First, borrowers can access fixed-rate interest repayments for their debts, enjoying certainty in planning their payments to the platform. Secondly, early finalization of debt doesn’t carry a financial penalty. Importantly, USDa can be put to use across different chains, thanks to its utilization of the 

CeDeFi Lending is a major component of Avalon Labs' focus on Bitcoin-backed loans. The project claims to have secured access to billions of dollars in USDT and 

 (USDC) funds at traditional finance institutions. This allows Avalon users to borrow funds in these popular stablecoins at fixed rates of 8 –10%. As of late January 2025, Avalon's CeDeFi lending component allows you to borrow USDT by providing collateral in Ignition FBTC (FBTC), a Bitcoin-pegged omnichain cryptocurrency. Other collateral and borrowing assets (e.g., USDC loans) might also be introduced in the future.

Avalon Labs’ DeFi lending component is represented by three main types of liquidity pools, against which users can lend and borrow assets. The BTC LSD Pools are made up of BTC and BTC-based liquid tokens, with each liquid token isolated to its own independently operating pool. There are also RWA Lending Pools, which consist of RWA tokens and stablecoins. The third type is the General Pool, containing mainstream assets like BTC, ETH, popular stablecoins and more.

The platform separates each asset, such as each liquid token or RWA, into its own isolated pool. Pool isolation helps structure risk mitigation measures carefully tailored to each asset.

For the first few months on the market, Avalon has operated without a native token. The project is currently gearing up for the introduction of its 

, AVL, to be launched sometime in Q1 2025. AVL will support not only governance but also a range of other functions. One of these is staking. By staking AVL, users will be issued sAVL, an asset that will be used directly for governance processes. sAVL holders will participate in votes to decide the rules and future direction of the platform. Staking will also let them accrue crypto rewards in AVL tokens.

Additionally, AVL will provide access to exclusive features, perks and fee rebates on its platform.

The AVL token will be issued with a total supply of 1 billion. Planned supply allocation shares are as follows:

 platform. Bybit Pre-Market Spot is an over-the-counter (OTC) trading platform that allows you to acquire promising new cryptocurrencies before listings on Bybit's main Spot trading market, letting you access these assets at potentially discounted rates.

The AVL listing on Pre-Market Spot lets you speculate on the new token's potential. Naturally, before investing in any asset (whether it's offered via Pre-Market Spot or other trading environments), you’re encouraged to 

 on the project's background, operational details and future potential.

The sphere of financial solutions for the Bitcoin blockchain is quickly gathering pace, with several projects in the cryptocurrency market aiming to help Bitcoin holders put their funds to active use. Avalon Labs is a key initiative within this niche of the cryptocurrency industry, offering a much-needed service — stablecoin issuance backed by the security of Bitcoin. 

Early indicators suggest that this project has significant potential within the Bitcoin ecosystem, as well as within the wider crypto ecosystem. Of particular importance is the project team's claimed access to billions of dollars in USDT and USDC funds at traditional institutional finance providers. A thorough risk management framework — supported by regular audits, AI-driven monitoring, and sound debt collateralization and liquidation mechanisms — also provides further assurances to the user community.

The benefits offered by Avalon Labs are clear-cut, but more details on access to the billions of dollars at traditional finance providers would certainly contribute to user trust in the platform, something that's always helpful for any young web3 startup. Currently, however, the main focus is on the platform's imminent native token launch. AVL's token generation event (TGE) will be a significant evolutionary step in the life of this promising BTCFi project.

Intermediate

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Avalon Labs (AVL): Driving Bitcoin’s Financial Evolution

Helium Mobile is revolutionizing telecom with three new plans, including the Zero Plan.

Daily Top Performer — Ampleforth (FORTH)

The S&P 500 rose 0.72% on Tuesday, but futures fell on Wednesday after Alphabet’s weak earnings while investors await more earnings reports. Gold hit a record $2,845.14 as U.S.-China tariffs fueled safe-haven demand. Coindesk Indices, an index measuring broader cryptocurrency market performance was down by 4.35%, with Bitcoin and Ether dropping by 2.52% and 6.25%, in the past 24 hours. Trade these markets and more with up to 500x leverage on Bybit MT5 using this 

Today’s top performer is FORTH, which surged nearly 49.1% following the announcement of Ampleforth’s Evergreen Cycle, a decentralized solution for resilient DeFi treasuries.

Ampleforth (FORTH), founded in 2018, is a stablecoin that adjusts its supply daily through “rebasing” to maintain price stability, ensuring holders keep their proportional ownership. Ampleforth 

 AMPL and SPOT as decentralized alternatives for DeFi treasuries, reducing reliance on centralized stablecoins. AMPL’s elastic supply and SPOT’s low volatility offer DAOs a resilient treasury strategy through the "Evergreen Cycle"—buying AMPL in bullish markets and rotating into SPOT during downturns. This system enhances liquidity, mitigates market cycle risks, and enables DAOs to act as decentralized “micro central banks,” reinforcing long-term stability in DeFi.

Check Out the Latest Prices, Charts, and Data of 

Helium Mobile is revolutionizing telecom with 

, including the Zero Plan, which offers free mobile service (3GB data, 300 texts, 100 minutes) while rewarding users with Cloud Points for sharing anonymized data. These points can be redeemed for gift cards and experiences. Other plans include the Air Plan ($15/month) for 10GB and the Infinity Plan ($30/month) for unlimited data. Helium Mobile combines community-powered networking with the nation’s largest 5G coverage, making mobile service more affordable, flexible, and rewarding. The plans are currently invite-only, with a waitlist available.

Yesterday, BTC Spot ETFs recorded $91.7M in total inflows, with $72.2M from non-GBTC and $19.5M from GBTC.

, a decentralized social network platform, is hinting at a potential airdrop for users. To increase chances of receiving the airdrop, users should sign up on the platform, create a Town, deposit ETH, and join other Towns to earn points. Towns raised $25.5M in funding and operates on the Caldera network. Tipping others and daily engagement may boost rewards.

Beginner

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Helium Mobile Introduces Free Plan and Rewards for Staying Connected

Haedal unlocks liquidity for staked SUI by converting it into haSUI tokens, enabling users to earn rewards while freely participating in DeFi activities.

vWhat if you could earn staking rewards and keep your crypto liquid? Haedal, a pioneering 

 blockchain, turns this possibility into reality. Haedal eliminates the trade-off between 

 and accessing liquidity by transforming staked SUI tokens into haSUI — a yield-bearing asset usable across 

 (DeFi). This article explores how Haedal simplifies staking, enhances capital efficiency and unlocks superior returns while fueling the growth of the Sui ecosystem.

Haedal is a liquid staking protocol on the Sui blockchain that allows users to stake SUI tokens, mint haSUI (a yield-bearing 

) and earn additional rewards through DeFi integrations. It simplifies participation in staking while maintaining liquidity for decentralized finance activities.

Haedal was created by a group of anonymous blockchain enthusiasts and experts who recognized the need for a more efficient and secure way to stake SUI tokens on the Sui blockchain. Their vision for Haedal was born from the desire to improve the DeFi ecosystem by offering a simple, one-click liquid staking solution. This approach allows users to earn rewards while still keeping their assets flexible and liquid.

Haedal bridges the gap between staking and decentralized finance, making it easier for users to participate in various DeFi activities without sacrificing security or efficiency. By doing so, Haedal boosts user engagement within the Sui ecosystem and also helps strengthen and expand the broader DeFi ecosystem, paving the way for greater blockchain adoption.

Haedal seeks to address the major issue of lack of liquidity in traditional staking models, whereby users must lock their assets for fixed periods. This restricts their ability to use those funds for other investments or DeFi activities, such as 

 or governance participation, reducing flexibility and deterring engagement. 

Another barrier is the complexity of staking management. Selecting validators, monitoring performance and handling technical processes can overwhelm newcomers — and even experienced users. This steep learning curve limits broader adoption and discourages participation in ecosystem growth. 

Also, many staking systems suffer from inefficiency and security risks. Outdated practices or centralized control can expose users to asset loss and/or downtime, while fragmented platforms make participation cumbersome. These vulnerabilities erode trust and hinder the scalability of decentralized networks. 

 technology to tackle liquidity constraints, simplify user experience and enhance security, aiming to create a more accessible and efficient ecosystem for staking and DeFi integration.

Haedal deploys the following advanced mechanisms to make staking SUI tokens more flexible and user-friendly. 

haSUI is a versatile token that unlocks liquidity for users who stake their SUI tokens through Haedal. When users stake SUI, they receive haSUI at a 1:1 ratio, acting as a dynamic “receipt” for their staked assets. Unlike 

, in which funds are locked and unusable, haSUI retains liquidity, allowing users to trade, lend or use it as collateral in DeFi apps while their original SUI continues earning staking rewards. 

Over time, haSUI’s value grows as it accumulates rewards from validators securing the Sui blockchain. This dual functionality bridges the gap between passive income and active participation in DeFi, letting users maximize their crypto holdings without compromise. 

Haedal streamlines staking by automating the entire process. Users deposit SUI tokens into the protocol, which then delegates them to trusted, high-performing validators on the Sui network. This eliminates the need for users to research validators or manage technical details manually. The system continuously monitors validator performance, reallocating stakes to optimize returns and minimize risks. 

Unlike more rigid staking models, Haedal’s protocol imposes no lockup periods, so users can unstake at any time by swapping their haSUI back to SUI. This flexibility, combined with automated efficiency, makes staking accessible to everyone, from newcomers to institutions, while ensuring their contributions actively support Sui’s network security. 

The Random Vault adds an element of chance to traditional staking, creating a fun and community-driven experience. Users deposit SUI into the vault for one week, during which their funds are delegated to validators. At the end of the week, all staking rewards generated by the vault are pooled and distributed to five randomly selected participants. This gamified approach injects some excitement while also diversifying risk by spreading stakes across multiple validators automatically. 

Participants enjoy a hands-off experience, requiring no active management, while gaining exposure to potential bonus rewards. The Random Vault democratizes staking, offering both seasoned users and casual participants a fresh way to engage with the Haedal ecosystem. 

The Haedal Market Maker (HMM) ensures seamless trading and liquidity for haSUI tokens, addressing common challenges in DeFi: price volatility and accessibility. HMM operates by providing deep liquidity pools for haSUI trading pairs, which stabilizes prices and minimizes slippage during trades. This means users can buy or sell haSUI quickly and at fair market rates, even during periods of high demand. 

HMM maintains a tight peg between haSUI and SUI and enforces trust and usability, making the token practical for everyday DeFi activities, such as swapping, lending and/or collateralizing loans. This infrastructure not only benefits individual users, but also strengthens the broader Sui ecosystem, encouraging adoption and enabling institutions to participate confidently in the decentralized finance realm. 

Haedal has achieved significant milestones, including launching its liquid staking protocol, growing its 

Looking ahead, the project aims to expand its product offerings, improve scalability and strengthen its role in the Sui ecosystem. 

Haedal redefines staking on Sui by merging liquidity, simplicity and innovation. By transforming staked SUI into yield-bearing haSUI tokens, it unlocks DeFi opportunities without sacrificing rewards or security. Features such as automated staking, gamified vaults and robust liquidity solutions empower users to maximize earnings while supporting network growth. 

With a clear road map and a community-driven ethos, Haedal is positioning itself as a catalyst for accessible, efficient decentralized finance, bridging traditional asset holding with the dynamic potential of blockchain.

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Haedal: Unlock Superior Returns With Sui Liquid Staking

Loopy is a Sui-based meme coin inspired by a beaver with a distinctive pink hue that’s featured in the Pororo the Little Penguin cartoon. Learn more here.

If you want a comprehensive crypto portfolio, it pays to check out 

. Though these coins might not be worth as much as major cryptos, their potentially drastic price swings can result in big profits for investors. One intriguing 

 meme coin to check out is Loopy, a cartoon-themed coin (inspired by a popular television show) that’s had an interesting growth pattern of late. To see if Loopy is the right investment for you, we’ll take a look at its tokenomics and pricing trends. 

 is a meme coin based on the Sui blockchain. It's inspired by a beaver with a distinctive pink hue that’s featured in the 

 cartoon. Much like the character herself, the Loopy coin hopes to showcase the values of friendship, hope and harmony.

On a technological level, Loopy works similarly to other meme coins. Loopy uses the Sui blockchain as the foundation for its system. This delegated 

 network is known for its scalability and speed. Loopy takes advantage of Sui's features by using its standardized 

 and token creation protocols. Since Loopy doesn't have to run its own blockchain, it can focus more on the marketing side of operating a cryptocurrency.

In order to increase its token's market capitalization, Loopy has heavily integrated itself into social media. Loopy runs both a Telegram channel and a 

 where it interacts with its audience. These sites post memes about gentlehearted Loopy, encouraging users to share their own. 

In addition to marketing the Loopy coin, these social media sites also help to operate the entire Loopy community by tracking member participation and using these metrics to determine eligibility for 

Loopy's token, with the symbol LOOPY on most exchanges, is a traditional meme coin that has no utility outside of entertainment. Its sole purpose is to appeal to fans of gentlehearted Loopy in 

 The Loopy coin does have a somewhat higher supply than many other tokens, with a 

. Half of the tokens were distributed to community members in an 

, while the other half were used for token liquidity. The majority of these tokens are circulating now, so the coin's current circulating supply is close to its total supply of 1 trillion tokens.

Loopy was released back in October 2024, so it's already been the subject of a few newsworthy events. The coin was initially selling for around $0.000012, but a decline in trading volume led to a sudden price drop, to around $0.0000035 in early November 2024. Fortunately, fans of the beaver with the distinctive pink hue rallied behind it, and it surged to an impressive all-time high (ATH) of $0.000013 by mid-November. 

When the Loopy token’s price increased by over 763% in just 24 hours, it began receiving a lot of attention. The coin's market cap reached $17 million, and it was briefly one of the top Sui meme coins. Since its heyday, the Loopy token has had some struggles. Starting in January 2025, coin prices dropped to as low as $0.00000004 as its market cap plummeted. 

However, these unusually low prices have been just as noteworthy as the coin's ATH. Loopy fans who were getting priced out of owning the token have been expressing interest in it once again, due to its more affordable prices. The trading volume of Loopy might look a little low now, but it's no longer in free fall, as it was in early January 2025. Some market analysts even suggest that LOOPY’s price may reach 

LOOPY tokens have a high current circulating supply, but not all exchanges support this token yet. It's primarily available through smaller, decentralized exchanges. However, if you prefer a more convenient experience, check out the 

. This service provides access to DEX offerings, while maintaining the same great service that all Bybit users can count on. Purchasing LOOPY through Bybit is as simple as checking the current price, entering the number of LOOPY you want to buy and confirming your purchase. 

LOOPY's market cap and 24-hour trading volume have certainly declined from the coin’s heyday, but it still holds some promise for investors. The low current price means that it's possible to buy a lot of LOOPY without spending much money. This can result in big profits if the coin experiences even minor price increases. Furthermore, most pricing analyses suggest that LOOPY's market cap could recover in the future.

However, don't forget that this sort of investment can be risky. Some meme coins generally fail to return to their ATHs after brief enthusiasm during their launches. Loopy's team hasn't been promoting their coin as much lately, so whether or not LOOPY can recover will rely mostly on the coin's fanbase. While investing a bit of extra money you have in LOOPY could be fun, it’s not recommended that you invest money you can’t afford to lose. Meme coins are always volatile, and it’s essential to use some caution and 

 any time you invest in tokens such as LOOPY.

While LOOPY tokens might not have the highest 24-hour trading volume anymore, this meme coin is still backed by a dedicated community. Its ability to appeal to 

fans with positivity and humor has helped it stand out from other Sui meme coins. Loopy is a great example of how a simple yet fun concept can end up appealing to thousands of investors.

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Loopy (LOOPY): The Most Adorable Meme Coin on Sui

Bybit Learn

Minting NFTs require gas fees to incentivize miners who validate and add transactions to the blockchain. But how does the fee impact NFT buyers & sellers? Learn more here.

 (NFTs) and crypto collectibles peaked considerably following the sale of a digital image collage entitled "Everydays: The First 5000 Days" at Christie's, the famous auction house, for a record-breaking $69.3 million. The NFT, created by Mike Winkelmann, a digital artist popularly known as Beeple, set a new record for a digital-only artwork and became the third most expensive artwork by a living artist to be sold at an auction. 

The ensuing popularity of NFTs attracted flocks of creators and artists who see blockchain-based technology as a means of monetizing their talents. Of course, the NFT market quickly proliferated, and thousands of digital files exchanged hands daily. Nevertheless, buying, selling and transferring NFTs typically comes with a transaction cost — namely, gas fees. 

If you’d like to trade NFTs, you may wonder what NFT gas fees are and why they’re necessary. This article will help you understand how NFT gas fees work, why fees are required, and how to calculate them. 

 is the charge that users pay to transact on the Ethereum blockchain. Gas is used to compensate miners for the computing energy and resources expended to validate transactions and to include them in the blockchain. In other words, gas fees are a reflection of the amount of computational power required to record a transaction on the Ethereum blockchain network.

, which are minute fractions of Ether (ETH), the native token of the Ethereum network. A unit of gwei is equivalent to one billionth of Ether — that is, 1 nanoether, or 0.000000001 ETH.

Gas prices fluctuate, depending on the complexity of a transaction and traffic on the network. Naturally, a transaction requiring more computational power will demand higher fees. Also, transacting during peak periods with plenty of traffic on the Ethereum network will attract heftier fees.

Gas fees can be compared to a cargo transport truck service, where the goods are transactions. The heavier the goods transported from point A to B, the more fuel or gas will be expended. At the same time, if the road is congested, the trucks also use up more fuel to get to their destination. The truck service will also prioritize moving the goods of customers who are willing to pay more than the base price.

Artists and creators know that dealing with NFTs on the Ethereum network can be expensive due to gas fees. But they understand that NFT gas fees are the price to pay to create, sell and buy NFTs. Of course, this has a significant impact on NFT creators and artists. So, what do gas fees mean for artists?

Contrary to popular belief, NFTs don't always sell for six figures. Most sell moderately, for a few hundred dollars, and many may not be sold at all. Considering that you have to pay gas fees to create and sell your NFT, you may lose money rather than make a profit. To make matters worse, it's not easy to predict what you'll be paying for gas since the price keeps changing.

High gas prices mean artists may find it challenging to profitably create and sell their work profitably. To make their artwork-related NFTs more affordable when gas prices spike, some artists may attempt to reduce the overall price of the artwork to compensate for the cost of gas. This, however, presents a new challenge, as buyers may perceive the work to be of less value — since they have to decide if it's worth spending a larger percentage of the total cost on gas fees. 

Gas prices are unrelated to the absolute value of the digital asset, and in some cases may outstrip the price of the assets put up for sale. This is especially difficult for new and upcoming artists who haven’t yet established name recognition for themselves.

Essentially, an artist without a solid enough reputation might find it difficult to sell their art when they overcharge to attract higher prices. 

Minting an NFT describes the process of converting digital files into digital assets stored on the blockchain. Like every other transaction on the Ethereum blockchain, minting an NFT requires resource-intensive computations from miners. Gas fees were conceived of as a way to compensate miners for helping to record your transaction on the blockchain (and, in this case, mint the NFT). 

For the artist, minting the NFT is relatively easy, a bit like uploading a video onto YouTube. Once you’ve uploaded the file, you have to approve the gas fee, which will come from your digital wallet. When you’ve paid the fee, the minting process will start.

Because gas fees aren’t directly related to the value of the NFT, sellers and buyers of digital art can lose money on a transaction. In other words, your costs could exceed what you get — or pay — for the NFT.

Why Does Minting an NFT Require Gas Fees?

Minting is the act of creating an NFT on a blockchain. Because blockchains are decentralized networks not owned by a central authority, they’re maintained by miners who mint NFTs. Miners use their own computing power, and in return they expect a payment to cover their time and resources. 

Gas fees help keep the blockchain running by incentivizing the miners who validate and add user transactions to the blockchain. Since they get paid for the work, miners will strive to make more in gas fees, thereby increasing the network's security. Greater incentive means that miners are more willing to expend resources validating transactions to secure the blockchain. This also optimizes transaction speed, since more computational resources will be dedicated to mining operations.

The costs for minting an NFT fall under the following categories:

Prices differ from blockchain to blockchain. There are even price differences between transactions on a single blockchain. These fees are dependent on several factors, including the amount of data used, the speed of the transaction and the time of day. 

The cost to mint an NFT ranges widely. When converted to fiat, the cost can vary from $1 up to $500 or more. Creators can choose from several NFT marketplaces, with each platform charging different fees. 

Ethereum has become more expensive in recent years, a victim of its own popularity. The network has limited capacity, and the more people who use the platform, the more crowded it becomes. Since the gas fee depends on supply and demand, costs have climbed. 

Currently, the Ethereum gas fee is made up of a 

. The base fee is burned and the tip is paid to the miner. 

Total transaction fee = Gas Units (Limit) × (Base Fee + Tip)

With a gas limit of 21,000, base fee of 100 gwei and a tip of 20 gwei, the total fee is 2,520,000 gwei, or 0.00252 ETH. This would be equivalent to around $7.49 (at $2,971.81 for one ETH).

Minting NFTs on Ethereum can be expensive. NFT minting gas fees fluctuate due to demand on the network and the current price of ETH. The gas fees peak during periods of high demand as users compete to get their transactions added to blocks. Aside from the gas fee, some NFT marketplaces also charge a small fee for listing and transaction fees which are a percentage of the cost of the traded NFT. 

Historically, costs for minting an NFT have even reached $500

NFT marketplaces such as Rarible and OpenSea offer artists the option of 

, which allows you to put off minting (adding) your NFT to the blockchain until someone buys it. Lazy minting lowers the barriers to entry for creators. This is especially useful for artists new to the field, since they don’t yet know how well their works will sell. 

Using lazy minting, the artist can defer payment to the time of sale. The gas fee is deducted on the same transaction as the sale, and the buyer typically pays the gas fees instead of the seller or creator. Otherwise, you can choose regular minting, which means that you'll pay gas fees every time someone wants to buy your token.

There is no lazy minting option on the Solana blockchain, but the gas fees are a lot less expensive than Ethereum’s.

Though Ethereum is the most popular of the blockchains, it’s not the only one that mints and stores NFTs. There are others, including 

Solana has grown in popularity, and could even 

 as the leading blockchain network. It’s currently the second-largest blockchain by transaction volume behind Ethereum. 

Unlike Ethereum, fees don’t typically increase because of network congestion. Fees on Solana are also significantly lower than those on Ethereum. 

Creators incur three blockchain transactions when minting an NFT on Solana. There are two approval transactions and another for listing the NFT. Each transaction on Solana costs around 0.00045 SOL, which was around $.04 at the beginning of March 2022. 

The gas fee is independent of the price of an NFT. Pricing for an NFT is related to supply and demand, dependent on what the buyer is willing to pay for the asset. 

This is why an artist can lose money when minting an NFT. If the gas fees are high and the digital artwork doesn’t sell well, the creator could take a loss. 

The Sending and Selling of NFTs Require Gas Fees

There are fees involved in selling NFTs, which can include transaction fees and gas fees.

New sellers are often unaware of the costs, so they sometimes end up losing money. Transferring NFTs should be cheaper than minting them. Costs vary by marketplace, so it’s important to check before transacting. At the moment, OpenSea is the single largest generator of gas fees.

Gas fees change throughout the day. The actual gas fee is determined by supply and demand and is set by miners. 

The gas fee that you pay will depend on transaction complexity, the price of related cryptocurrencies, and the amount of traffic on the network. 

The minimum transaction fee is 21,000 GWEI. Since one GWEI is a billionth of an ETH, the least you can expect to pay is 0.0021 ETH. Multiply that by the current price of ETH to get the minimum transaction cost.

Smart contracts and NFTs will cost a lot more than the minimum of 21,000 GWEI. This is due to their complexity and the amount of computational power needed to transact. NFT transactions are much faster when you’re willing to pay higher gas fees. However, when the network is busy, the gas fees are bid up as users attempt to expedite their transactions. 

Thrifty users who can wait will often transact over the weekend, or at quieter trading times during the day, in order to save on gas fees. Some platforms will allow you to set a gas fee limit, and will perform the transaction when the fees are low enough. If you can wait for an undefined period when the prices drop, this may be an option for you. 

It’s easy to check the current price of gas fees on the internet using a 

A gas limit is a cap you set on the amount of ether that a transaction can consume. The risk you run when you set this limit is that the transaction may be rejected. Setting a low limit could save you money if your transaction isn’t time-sensitive.

If you set the gas limit at an amount higher than needed, you’ll receive a refund for the excess funds. If, on the other hand, you set the limit too low, you could lose the money if your transaction fails. You may also wait a long time before a miner is willing to conduct your transaction.

NFTs have skyrocketed in popularity in recent times and have given many artists and creators digital wings. Blockchain technology offers them new markets where they can ply their trade. These marketplaces do, however, come with costs, and unless the artists understand the costs of minting and selling, they could lose money. 

Artists can set gas limits, or trade when the market is quiet, to save on gas fees. New creators can make use of the lazy minting option and pay when the NFT is sold. Those who know the tricks of the trade can lower their costs on their way to making it big on the blockchain.

NFT Gas Fee: What It Is & How to Calculate It

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