#GasFeeImpact Gas fees are transaction fees users pay to compensate for the computational energy required to process and validate transactions on blockchain networks, particularly those utilizing smart contracts like Ethereum. These fees serve multiple purposes, including incentivizing validators, maintaining network security, and regulating network traffic.

Impact of Gas Fees:

Transaction Costs: High gas fees can make transactions expensive, especially during periods of network congestion. This can deter users from engaging in activities such as trading, minting non-fungible tokens (NFTs), or participating in decentralized finance (DeFi) applications.

Network Security and Spam Prevention: Requiring transaction fees helps deter spam and malicious activity on the network by making it costly to execute attacks or flood the network with unnecessary transactions.