Understanding Priority fees
Priority fees help determine how quickly your transaction gets confirmed on the Solana network. When network activity is high, transactions with higher priority fees are processed faster because validators prioritize them.
How Priority Fees Impact Transactions
- Higher priority fees can help speed up your transaction during times of network congestion.
- Setting an unnecessarily high fee won’t provide additional benefits if the network is not congested—it will simply result in overpaying.
- Lower fees may cause delays if the network is busy, as transactions with higher fees will be prioritized first.
Best Practices for Setting Priority Fees
- Increase the fee slightly during peak times, but avoid extreme increases that could result in overpayment.
- Monitor network conditions before adjusting the fee to ensure you're making an informed decision.
How to Access Custom Fees in Phantom Wallet
- Open the swapper tab or select a token then click swap.
- Access the swap settings by clicking the icon in the top right of the swap screen.
- Either set the Priority Fee to Auto, which will calculate the fees based on real-time network conditions, or set a custom fee.
Custom Fee Thresholds
When setting a custom Solana transaction fee, keep in mind the following limits:
High Custom Solana Fee 0.05 SOL
Low Custom Solana Fee 0.0001 SOL
Max Custom Solana Fee 1 SOL
Min Custom Solana Fee 0.00001 SOL
- If a fee is set below the low threshold (0.0001 SOL) or above the high threshold (0.05 SOL), a yellow warning will appear while typing.
- If a fee is set below the minimum (0.00001 SOL) or above the maximum (1 SOL), it cannot be applied, and a red error will be displayed.