Gas fees refer to the cost that is required to successfully perform a transaction on the Ethereum network.
The gas is used to assign resources to the Ethereum virtual machine (EVM) so that decentralized applications (DApps) can self-execute in both a secured and decentralized way.
Why do Gas fees apply?
Gas fees are used to compensate for the computing energy required to process and validate transactions on the Ethereum blockchain. "Gas limit" refers to the maximum amount of gas (or energy) that you're willing to spend on a particular transaction. A higher gas limit means that you must do more work to execute a transaction using ETH or a smart contract. However, you will need to ensure that you are spending sufficient gas in order for your transaction to be successful - we recommend 55,000 for Ethereum and ERC20 tokens.
What is Gwei?
Gas prices are denoted in small fractions of ether called "gigawei", or "gwei". Gwei is the most commonly used unit of ether because gas prices are easily specified in gwei. For example, instead of saying that your gas costs 0.000000001 ether, you can say your gas costs 1 gwei.