The fee recommendation settings for Ethereum transactions in Panaroma Decentralized offer two options: "Recommended" (for processing within 0-20 minutes) and "Custom," where the user manually sets the desired fee amount.
A general guideline is to opt for a higher fee (above the recommended) for transactions with urgency or high transaction amounts. For example, transactions involving the trading of one cryptocurrency for another via a smart contract often have a specific time frame for the trade to occur. In such cases, the transaction should be confirmed (included in the Ethereum blockchain) promptly to avoid trade failure.
Panaroma Decentralized obtains a "recommended" transaction fee from the Ethereum blockchain, utilizing its native means to estimate fees while considering network load.
To minimize the risk of transaction failure or delays when using recommended fee values, Panaroma Decentralized suggests even higher fees as the transaction amount increases:
- For amounts ≤ $500, add 5% (on top of the network recommended value).
- For amounts ≤ $1000, add 10%.
- For amounts > $1000 and ≤ $5000, add 15%.
- For amounts > $5000 and ≤ $10000, add 20%.
- For amounts > $10000, add 25%.
It is advisable to select at least the fee value recommended by Panaroma Decentralized when urgency is a concern and the transaction amount is high, as the recommended values enhance the speed of transaction confirmation.