Transaction Fees
To protect the network from spam and DDoS attacks, transacting on Nova Network requires the payment of a transaction fee. This fee is paid in SNT, and can be broken down in two elements, as explained below.
Transactions have a set minimum fee of
SNT 0.000021, and the network uses an algorithm to determine the base fee for each specific transaction based on the expected computing power required to process it. Factors that can directly influence the cost of a transaction - amongst others - are:The base fee has no upper bound and is always burned - or destroyed. So every time a user transacts on Nova Network, the supply of SNT is reduced by a certain amount.
On top of the base fee, users are able to set a 'tip' for validators to have their transaction processed faster. This is called a 'Priority Fee' and is usually calculated automatically by most modern wallet providers, which will advise you on the optimal fee to set, given the current network state. With very few exceptions, the higher the priority fee, the faster a transaction will be processed. This fee is paid directly to the validators.
While using Nova Network, users may also face other fees coming from the interaction with smart contracts, protocols, and platforms. While using any application deployed on Nova Network, users need to make sure they understand the fee structure of the given application before start transacting on or with it.
Nebula Testnet has the exact same fee structure as Nova Network, with the only difference being that fees there are paid with NBX, which can be acquired for free, thus making it technically free-to-use, despite NBX being required for that.
Private networks based on the Nova Network protocol will work exactly the same way as they do in our public ledgers. The main difference is that by having full control over the network, private users can easily have access to native units of account to cover the usage fees, without never having to worry about them.
Last modified 5mo ago