Minimum consensus fee overview
Understanding the minimum consensus fee is essential when transacting on the Archway Network. This guide will provide an explanation of what the minimum consensus fee entails and how to obtain this information.
The minimum consensus fee is the lowest required amount that a user must pay in transaction fees. Transactions with a fee amount lower than the minimum fee will be declined.
The minimum fee protects the economic model of Archway by preventing the incentive to send low or no fee transactions in order to gain higher dapp rewards.
This minimum fee is displayed in one gas unit, for example, 0.002 uarch. The client should query the fee before submitting a new transaction.
The minimum consensus fee is calculated for each new block and displayed in one gas unit, such as 0.002 arch. The formula for calculating the fee is as follows:
(Inflation Block Rewards / Block Gas Limit * Transaction Fee Rebate Ratio - Block Gas Limit) + Contract Premium
- Inflation Block Rewards - Inflationary rewards per block
- Block Gas Limit - Maximum gas limit per block
- Transaction Fee Rebate Ratio - Ratio of split fees between validators and dapps
- Contract Premium - Flat fee set by the contract creator. If this value is not set, it will not be included in the calculation.
Use the query below to obtain the estimated transaction fee for a given transaction. This will return the minimum consensus fee for the current block:
archwayd query rewards estimate-fees [gas-limit] [flags]
archwayd q rewards estimate-fees 1 --node https://rpc.mainnet.archway.io:443 --chain-id archway-1 --output json | jq -r '.gas_unit_price | (.amount + .denom)'