ADVANCED TIPS & TRICKS to SAVE on ETHEREUM GAS FEES

All right, guys, this is a highly requested video, which is how to save on Ethereum gas prices. So why this is very important is because Ethereum gas prices are going up quite a lot. This is a Uniswap transaction right now. And for this to complete, it's going to cost me $37 right now. So that's quite a bit. Now, there are various strategies to kind of mitigate this. So say, for example, if you kind of reduce the gas fees, you can maybe go for $27 or even less. If you reduce the gas fees even less, the transaction is going to cost you $22. But there are times to do this and there's times not to do this. And this video will try to cover some of my personal advanced strategies on how to really save up min-max on those gas fees. This is an advanced video. So we'll be going through quite a few advanced topics. And if you guys are confused at any point, do check out the previous videos on MetaMask. It will make a lot of sense. Just check that out. If you haven't checked out already, if you don't know what gas prices are or analysis are, do make sure you kind of kick off on those videos. But I really hope this video helps you kind of understand when to use expensive gas prices, when to go cheap. Also, if you ever get a stuck transaction, how to cancel that. Or if you're just constantly trading, how do you kind of replace and update the prices, the latest prices when you do a swap. So it covers a few of these advanced topics here. Also, if you guys do like this video, make sure you share it. And without further ado, let's get started. Now, first and foremost, if you guys don't see the gas price setting on your MetaMask, I think not everyone sees this here. You're going to want to have two things really on your window. So just double check this, you know, go on your MetaMask, double check. First of all, you're going to see the manual gas way setting here. And you also want to see custom nouns. So these are two advanced features that are not enabled by default. But I'll show you very quickly how to turn it on. So I'm just going to cancel this transaction right now. I'm going to go to my MetaMask. I'm going to go to settings here. Go to advanced. And here you're going to see the gas controls, advanced gas controls. Make sure you turn that on. Just flip that on. And also just scroll down a little bit. Customize transaction nouns. This is also important. You just got to turn it on here. Just make sure both are on. And this is going to help you a lot. Now, just a quick explainer of how gas prices work. So gas is measured by Gui. And the more you're willing to pay in terms of the gas price, the faster it is going to get approved. So it's extremely kind of cut and dry. You're not going to get a discount. The network will always favor transactions that are willing to pay a higher gas price. This means that mastering the Gui price becomes super important. If you can save, say, 40%, 50%, this will really matter a lot in the long run. Personally, for me, I've spent way more on gas fees than you can ever imagine. It's almost in the five digits right now in terms of gas fees. And there are many reasons why, particularly reasons why I choose to spend sometimes very high fees and sometimes low fees. All right. So now it's time to look at Transaction Street. So I'll put a link down below if you guys want to follow this. I typically think this is the best way to really figure out what's going on. So Transaction Street kind of visually shows you people trying to get on a train. And the first train is kind of the most expensive compartment, right? This is almost always going to guarantee that anyone passenger willing to pay that price to enter that compartment gets through and that transaction is going to get confirmed. Typically speaking, that's within five seconds. And that's what you want if you're doing trading, right? If you're doing trading and it's very competitive in terms of pricing, it can fluctuate a lot and you don't want to miss out on a deal. Then sure, that's the compartment you want to be on. Then if you scroll down a bit, you can see kind of how, you know, that's the first class. Then this is the second, third, and maybe the cheaper classes, you know, you can see what's happening down there. Now, this changes very, very quickly. So you can see even throughout this video that there were times when it was cheaper. Like I've seen numbers like going to 70 here for first class. And I've seen numbers going right now up to 143. For first class. So it's, it's highly volatile. So I definitely recommend that you take a look at it right before you send that transaction off. You can see now that gas prices have increased to get to the first train to get the first class is 162. Guay. So that's not, that's not cheap at all anymore. Typically speaking, if I'm aiming to do a trade, so say if I'm going on Uniswap, I want to do the trade one ETH to uni. I want to make sure that I get this price. In which case I want to pay the, the, the higher one, the, the premium first class, right? So with this window open, I'm probably going to, if this, if I'm really going to do this trade, I'll probably push for 126 right now. So pay that $23, bite that bullet and just go for it. All right. This has been the unfortunate side effect of using a decentralized exchange where it doesn't lock in the price. When you press confirmation, it locks in the price when the transaction gets confirmed. So you don't want a delay, right? You really don't want to delay. If you like, if you get delayed, sometimes transactions fail and then you lose that on a gas. If you do lose on a gas, if the transaction does fail, typically speaking, it's around one 10th of the gas fee quoted here. It'll just say, Oh, insufficient amount. You lose $2. It's not the worst thing in the world, but it just depends on your trading circumstance. If you're trading an asset that's, you know, going up like that, then, you know, losing time is important, right? So you've got to make the judgment yourself. Okay. So what if you're not trading? What's the strategy here? This is where you have to use rack your little brain a bit, because typically speaking, say, for example, if I'm not doing something time sensitive, I, maybe I'm sending cryptocurrency to an exchange and I don't need it for the next six hours. Or if I'm unstaking an asset, you know, something that in a transaction that doesn't fail, I don't mind if I take two hours to unstake it, that's still fine. Then I'm just going to strategically look at the compartments that's going on. So first and foremost, I'm going to scroll down a bit and I'm going to spot an opportunity. So I can definitely see here that there is a little bit of a gap, right? You can see that's a hundred, a hundred and suddenly jumped all the way down to 90, 90, right? That's great. That's an opportunity that that's like the third train down is very likely it's going to get approved within 15 seconds. So that could be something I'm going for. If I'm having even more time, I'm going to scroll down a bit and look for kind of the next big jump down. You can kind of see that it's around 80 here. And then all of a sudden you can jump, it jumps down to around 69, 63. This is when you can really make some major savings, right? 67 is literally half of 120, which is what some people are paying right now. So you can save literally half on gas prices. One neat feature also is you can also click on the train itself. So I just click on a train itself. This is what the one for 90 Gui and it does say how much the estimated confirmation time will be. So you can see that it's around a minute here or this train compartment. And if you go up there, the top tier ones, you can see this is like less than a second. So if you want to be baller, then, you know, pick the top first class train. If you don't mind waiting like a minute or two minutes, then yeah, right now I'm just trying to go for 90 Gui. All right. Next up comes some really important stuff. You really need to know if you're trying to min max gas, which is how to cancel transactions, how to speed up transactions and some really solid tips along the way. So firstly, if you do manage to set some really cheap gas fees, like say, say you're really, you're a cheap ass. You went for 15 Gui and it's going nowhere, right? Maybe you slept already, woke up in the morning, transaction still not completed. Now what? It's also a big problem. If, uh, if you have pending transactions, like your transactions are still pending, you're going to encounter the issue where any new transactions that you want to do, they will not get processed until the first, the stuck transaction has been resolved, has been processed. Ethereum always deals with transactions in nouns order. So typically speaking, if you want to add a new transaction, it'll have a higher nouns. In fact, E4 scan will even tell you that warning. It'll say, Oh, look, you got a stuck transaction somewhere. Please deal with that first before the new one can come on board. So what do you want to do in that situation? So one thing that you can do right now is on MetaMask, um, you can actually just click on the transaction, click speed up, and you can go to the events page and you can enter a new gas price for that. All right. So you can enter a new gas price and you got to make sure here that it's at least 10% higher than the current gas price. So you just can't enter like 17 here, right? That's going to fail. And this is actually very important. If it's something like 90 Guay, if the original gas price was something like 90 Guay, you must make sure you're going for 99 or above. Otherwise, um, that's not going to go through. So make sure that every time you submit a updated gas price, it is 10% higher than a previous one. Secondly, something that's quite important to note is that MetaMask I've noticed has failed sometimes. Like sometimes, uh, for some reason, MetaMask fails and it just doesn't show up anymore. Sometimes these stuck transactions don't show up at all. This is where now becomes very important because you can go and scan your account on E4 scan, and you can see kind of what transactions are pending. So even if it doesn't display up here, what you're going to see is that you're going to see some pending transactions and you're going to see if you click, you know, click to see more down here, the nouns, this becomes very important. So you've got to remember nouns, nouns 18. That is a stock transaction. This is what you need to fix. And typically speaking, if you just want to cancel that transaction, I found one of the easiest ways to, to cancel that is to send like zero Ethereum to myself. So I'll copy my own address. I'll click send. Um, on this page, I'll send zero EF. I'll send it with like 90 gray or something like the current gas price. That's good. Then on the next page, I'll enter the correct nouns. So let's go for nouns 18. That was the transaction I'm trying to fix. That was a pending one. Let me put a higher gas price and click confirm here. Now this will submit to the Ethereum network, and this will replace. The transaction. So once that replacement happens, it's as if, you know, the initial transaction never happened at all. It just gets replaced and it can now move to higher announces. So that's how kind of Ethereum order of transaction works and how to cancel a transaction. All right. I got one more trick for you guys. So this really applies for trading on Uniswap. So if you're trading on Uniswap during a gas war period like this, when things get very, very brutal, sometimes when you're a little bit cheap on gas, let's say you're going for this transaction right now. You're going for 99 gas and you submit it, which is great. All right. Cool. But what if it doesn't go through in two or three minutes? So something that does happen is that because the rates change in two or three minutes, there's a very high chance that the transaction will bounce. Right. So naturally speaking, the market does move, especially in crypto moves very fast. There's two ways to really deal with this. So first and foremost, if you expect that your transaction is not going to go through, something that you can do is to do the same transaction again. You'll obviously get a new quote, a new quotation for the rate. You go for the swap. Price is updated. I'm going to accept the new price. And then I'm going to enter the same nouns, right? This is very powerful because I know that the previous transaction have announced of 19. If I go for the same custom nouns again, that is going to mean that this new trade is going to overwrite the last one because of the nouns order, right? So this will directly replace the old trade and I'll make that old trade disappear and replace it with this new one. So this is sometimes what happens. So you can see here, transaction 19 has completed. So in this, in this sense, it really replaced the first unit swap transaction I tried to make. And I got a successful trade because I replaced the old trade, right? Sometimes if you just speed up the old trade, what are you going to see? It's going to see a transaction fail because it uses the old rate. If you want to replace a transaction, you can only replace transactions that are unconfirmed. So they'll show up as gray unconfirmed transactions. And you can enter the same nouns, put a higher gas fee, 10% higher gas fee, replace that. And it's as if the first one never happened. You delete history. But the moment the green check mark comes up, the moment that transaction is confirmed by the network, you can no longer change it. So you can't reverse a trade once it's confirmed by the network. Now, if you want a higher chance of succeeding on a unit swap transaction as well. So something that unit swap really hates is when you really hates you doing all these swaps. Just clear all if you get stuck transactions here, because unit swap doesn't deal with replacement transactions very well. But something that you can also do to improve the chances of your transactions succeeding is you can also improve the slippage tolerance. All right. So this is in the advanced setting, you can just clear the click the little gearbox here. And this will actually, um, allow this allow certain slippages. So say, for example, if you click 1%, that means the, it can accept and tolerate a 1% change in the price and it'll still go through. This does mean though, that you can maybe get a lot less tokens than you were expecting. So in this case, if I'm trading this amount of uni, if I'm setting the slippage to 1%, that means I can receive 0.2 less uni than I expect here. So yeah, lose a percent. You can also increase that. Like say you can also manually type figures in. So say for example, 5% slippage tolerance. If your trade is not getting through. This happens a lot in. When the coin first launches, because the price can go like. Fluctuate like this very crazily within seconds, which means that if you have a high tolerance, there's a higher chance of this transaction succeeding. This also applies for selling by both buying and selling. And this number can go up. Like I've seen some advanced users, you know, they type in 10% slippage, right? And when you do type in 10% slippage, what you're going to see is that, um, there's going to be a warning saying your transaction may be front run. So now what does slippage actually mean? And what does front running mean as well? So if you set a high slippage, because the moment you submit the transaction is broadcast to everyone, people can see it and they can try to kind of outprice you because you, because the system knows that you're willing to accept 10% less uni people can buy in front of you and they can kind of hype the price up before your trade hits the market. This is extremely negative in the trading world. Like front running is a big thing and it's an even bigger thing in crypto because especially with these decentralized exchanges, because well, everything's transparent. All orders are transparent. If you're cheap on the gas and your slippage tolerance is high, expect bots to try to manipulate the market before your order gets processed. There are, I've known programmers who try to do this and they can make quite a bit of money trying to front run people in the space. So yet again, this is a situation if you're trading a large quantity of cryptocurrency, then, and you know, you can set the slippage, but make sure that you're taking the first class train out. Make sure that you're on the highest gas fees. All right. That's it for optimizing gas fees. I hope this, you found this video useful. I really wanted to just provide this insight for all those advanced users out there. If you have any other tips and tricks and ways you want to visualize and see how everything's going on, do leave a comment down below. Let's share some strategies out. And if this is, you found this video helpful, do remember to share it with your friends, especially if they're new to crypto, this stuff is exceedingly complicated, but once you master it, you can really save quite a lot of money when you're doing transactions in crypto. So I'll leave it at that guys. Thank you guys so much for watching this video. See you guys next time.