Understanding Gas Handling for Transactions on Helix Markets

At Helix Markets, we strive to provide clarity and transparency about transaction costs, especially regarding "gas fees" on different blockchain networks like Bitcoin, Ethereum, and the Internet Computer Protocol. This article explains how gas fees work and how they are handled on our platform.

What are Gas Fees?

Gas fees are payments made by users to compensate for the computing energy required to process and validate transactions on a blockchain network. These fees vary based on the network and the complexity of the transaction.

1. Bitcoin Network

For transactions on the Bitcoin network, such as transferring assets from your funding wallet to your trading wallet (or vice versa), or withdrawing funds, gas fees apply. These fees are determined by the network and are required to process your transaction.

• User Responsibility: All gas costs incurred on the Bitcoin network will be covered by you, the user.

2. Ethereum Network

Ethereum transactions, including ERC-20 token transfers, also require gas fees. Here’s what you need to know:

• Funding Wallet Requirement: When transferring ERC-20 tokens, you must have a small amount of ETH in your funding wallet to cover the gas fees.
• Automatic Deduction for Internal Transfers: When transferring assets from your funding wallet to your trading wallet, the gas fee will be automatically deducted from the transferring token.

3. Internet Computer Protocol

The gas handling on the Internet Computer Protocol (ICP) operates on a unique model known as the "reverse gas model."

• Reverse Gas Model: In this model, transaction fees are programmed into every transaction, differentiating it from traditional models where users pay gas fees. This approach streamlines the process and offers a different structure for handling transaction costs.

Important Considerations

• User's Responsibility: It is crucial to understand that as a user of Helix Markets, you are responsible for covering gas fees associated with your transactions.
• Variability of Fees: Gas fees can vary based on network congestion and transaction complexity. Always ensure you have sufficient funds to cover these fees.
• Network-Specific Requirements: Each blockchain network has its own method of calculating and charging gas fees, so it’s important to be aware of these differences.