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Transaction fees on the Botanix platform are a little different from Bitcoin and resemble more the Ethereum network.
There are 3 primary actions when interacting with Botanix that can result in transaction fees.
- Layer 2 transactions (i.e. transactions on the Botanix platform itself)
- Layer 1 to Layer 2 transactions (i.e. transactions from the main chain to Botanix = bridge-in)
- Layer 2 to Layer 1 transactions (i.e. transactions from Botanix to the main chain = bridge-out)
Fees on Botanix are denominated in Bitcoin. This also means that the staking rewards for the Botanix stakers, or Orchestrators, will receive their staking rewards in Bitcoin.
The formula is the same as what you see on the Ethereum platform.
Fee = transaction.gasPrice * gasUsed
You should use
eth_gasPriceto determine the appropriate gas price needed. Also,
eth_estimateGasis used to find an appropriate gas limit.
- Note that if the
transaction.gasPriceis too low, your transaction will be rejected.
- If you supply a
transaction.gasLimitless than the value of
eth_estimateGas, your transaction will be rejected.
When you create an L1 to L2 transaction (i.e. bridge-in), you only need to pay for the standard bitcoin transaction cost. The transaction costs depend on the current bitcoin mempool. The USD-denominated cost of the transaction depends on some specific factors, including the level of the current L1 congestion.
Layer 2 to Layer 1 transactions (i.e. bridge-out) tend to be a little more expensive than Layer 1 to Layer 2 transactions. It’s because you need to create a transaction on both L2 and L1 in this type of bridging.
Please consider the following details when you make a transaction from L2 to L1:
- A Layer 2 transaction that initiates the burning on Botanix.
- A Layer 1 transaction on bitcoin that returns the bitcoin to you.
The cost of the initialization transaction is determined in the same way as any other L2 transaction. The cost of the finalization transaction depends on the mempool and current L1 congestion level.