Description

Returns the best guess of the current gas price to use in a transaction.

Response

Example Request and Response

Prerequisite: You will need to install the Alchemy SDK before making requests with it.

The commands for installing it using npm or yarn are given below:

$
npm install alchemy-sdk

Request

Here is an example of how to make a getGasPrice request using the Alchemy SDK:

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// Imports the Alchemy SDK
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const { Alchemy, Network } = require("alchemy-sdk");
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// Configures the Alchemy SDK
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const config = {
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    apiKey: "alchemy-replit", // Replace with your API key
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    network: Network.ETH_MAINNET, // Replace with your network
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};
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// Creates an Alchemy object instance with the config to use for making requests
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const alchemy = new Alchemy(config);
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const main = async () => {
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    //Call the method
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    let response = await alchemy.core.getGasPrice()
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    //Logging the response to the console
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    console.log(response)
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};
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main();

Response

$
BigNumber { _hex: '0x05813ed1b5', _isBigNumber: true }

Use Cases

Here are some possible use cases for the getGasPrice method:

• Gas estimation: Before submitting a transaction to the EVM networks, it’s important to estimate the amount of gas that will be required to execute the transaction. getGasPrice can be used to retrieve the current gas price and use it to estimate the gas cost of a transaction.

• Gas price optimization: Gas prices on the EVM networks can vary widely depending on network congestion and other factors. By using getGasPrice, developers can dynamically adjust the gas price of their transactions to optimize for speed and cost.

• Gas price monitoring: Gas prices can fluctuate rapidly, and it’s important to stay up-to-date on the current market conditions. getGasPrice can be used to monitor gas prices and alert developers when prices are high or low.

• Network analysis: Gas prices can be an important indicator of network health and congestion. By analyzing historical gas prices using getGasPrice, developers can gain insights into network usage patterns and identify potential bottlenecks or congestion points.