⛽ Gas Fees Explained on @rainbowdotme
• Rainbow Wallet does not charge additional transaction fees, but the cost is mainly based on the gas fees of the Ethereum network
• On Layer 2 such as Arbitrum or Optimism, the fee is significantly reduced to less than 0.1 USD and the speed is faster, only a few seconds to a few minutes.
• Users can customize the gas to speed up the transaction, but the cost will increase accordingly.
• On the Ethereum mainnet, the average time is about 20 minutes with higher fees, while L2 helps optimize.
• The wallet supports canceling or accelerating pending transactions to avoid failure fees.
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