Tatum, open-source blockchain middleware unifying multiple blockchains into one simple interface, announced that its API now supports transaction fee 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 given time.
The cost of different types of operations, such as cryptocurrency transfers or NFT minting operations, varies on different blockchains, at different times, depending on the number of pending transactions and the size of the given transaction.
While it’s possible to view the GAS price of Ethereum at any given moment via Etherscan, no other blockchain API provides the option to quickly fetch the estimated cost of a transaction that also factors in the operation type and size of the transaction.
Things can get even more complicated with Bitcoin, where transaction prices depend on the transaction’s size and price per byte. Not to mention all of the other blockchains with dynamic transaction fees.
“Dynamic transaction fees are highly volatile, so calculating them yourself can leave a wide margin for error. But with Tatum, you’ll always be able to quickly estimate with a high degree of certainty how much any given transaction will cost on any given blockchain at any particular moment. We hope this makes things easier for you!”
– The Tatum Team
To start estimating fees, see Tatum’s API documentation:
https://tatum.io/apidoc#operation/EstimateFeeBlockchain