Gas Limit

Gas limit refers to the maximum amount of gas that a transaction is allowed to consume on the Ethereum blockchain. Gas is a unit used to measure the computational effort required to execute a particular transaction or contract on the Ethereum network. Each transaction on the network requires a certain amount of gas to be paid by the user, which is then used to compensate the network nodes for the computational work they perform to execute the transaction.

The gas limit is set by the sender of the transaction and represents the maximum amount of gas that they are willing to spend on the transaction. If the actual gas consumed by the transaction is less than the gas limit, the unused gas is refunded back to the sender's account. On the other hand, if the gas consumed exceeds the gas limit, the transaction fails and the sender loses the entire amount of gas they had allotted.

It is important for users to set an appropriate gas limit for their transactions to ensure they are processed efficiently and without running out of gas. Setting a gas limit that is too low may result in the transaction being stuck in the network for an extended period of time, while setting a gas limit that is too high may result in the user overpaying for the transaction.

Gas limits also play a role in determining the priority of a transaction, as transactions with higher gas limits are prioritized by the network. This is because transactions with higher gas limits are likely to be more complex and require more computational work to execute.

It's worth noting that other blockchain networks may have different gas models and limits. Additionally, some decentralized exchanges (DEXs) may allow users to set their own gas limit for trading on their platform.

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