Fee rates are calculated dynamically. This calculation dictates the speed at which a transaction is picked up and confirmed by the network.
For example, on Ethereum and EVM-compatible networks, fee rates are calculated based on the current network activity and resources.
To determine a transaction’s estimated fee rate, Fireblocks checks each blockchain’s previous blocks and calculates a tentative fee rate based on your transaction and network activity.
Note:
A token transaction fee estimation is different from that of the base currency. When Fireblocks estimates a transaction fee, we actually initiate a new transaction on our node but do not transmit it to the blockchain. Token transactions are different from base asset transactions because they use a smart contract to transfer the tokens. Every smart contract is written differently and uses a different amount of computational resources, requiring a different amount of gas to complete the token transfer task. Thus, most tokens require more resources to transfer the funds.