Tatum, open-source blockchain middleware that unites multiple blockchains in one simple interface, announced that its API now supports transaction cost estimation.
When paying for transactions, there are two main factors to consider:
(1) the type of operation and (2) the cost per transaction unit at the time.
The costs of different types of operations, such as cryptocurrency transfers or NFT coin operations, vary on different blockchains and at different times, depending on the number of transactions in progress and the size of the given transaction.
While it is possible to view Ethereum’s GAS price at any time via Etherscan, no other blockchain API provides the ability to quickly retrieve the estimated cost of a transaction, also taking into account the operation type and operation. size of the transaction.
Things can get even more complicated with Bitcoin, where transaction prices depend on the size of the transaction and the price per byte. Not to mention all other blockchains with dynamic transaction fees.
“Dynamic transaction costs are very volatile, so calculating them yourself can leave a large margin for error. But with Tatum you can always estimate quickly and with a high degree of certainty how much a certain transaction on a certain blockchain will cost at any given time. We hope this makes it easier for you! “
– The Tatum team
To start estimating costs, see Tatum’s API documentation: