What is the gas fee for Solana?

By burning transaction fees, Solana aims to enhance its proposition as a store of value. This aligns with the goals of many cryptocurrency investors who seek assets with limited and decreasing supplies.

Solana boasts low gas fees, averaging $0.00025 per transaction, which is equivalent to 0.0012 SOL.

Furthermore, Solana's fee-burning mechanism positions it as a competitor to Ethereum. Both blockchains strive to offer scalable and efficient smart contract platforms, but Solana's approach to fee management adds an additional layer of appeal.

These fees can be categorized into three main types: transaction fees, prioritization fees, and rent fees. Each serves a distinct purpose in the Solana ecosystem.

A notable aspect of Solana's fee structure is that 50% of all transaction fees are burned. This mechanism reduces the circulating supply of SOL, thereby potentially increasing its scarcity and value.