How to create an Ethereum Gas Price Tracker API using Python

Creating an Ethereum Gas Price Tracker API using Python can be a valuable tool for developers and users to monitor and access real-time gas price information for Ethereum transactions. Here's a guide on how to build such an API:

Prerequisites:

1. Basic knowledge of Python.

2. Python installed on your system.

3. Familiarity with web3.py library.

4. Access to an Ethereum node.

Step 1: Set Up a Python Project and Install web3.py

1. Create a new directory for your project:

    mkdir gas-price-tracker-api
    cd gas-price-tracker-api
   

2. Initialize a Python virtual environment:

    python -m venv venv
   

3. Activate the virtual environment:

   • On Windows:

       .\\\\venv\\\\Scripts\\\\activate
     

   • On macOS and Linux:

       source venv/bin/activate
     

4. Install the web3.py library for interacting with Ethereum:

    pip install web3
   

Step 2: Connect to an Ethereum Node

Create a Python script (e.g., gas_price_tracker.py) and write code to connect to an Ethereum node using web3.py. Replace YOUR_ETHEREUM_NODE_URL with the URL of your Ethereum node:

from web3 import Web3

# Connect to an Ethereum node
w3 = Web3(Web3.HTTPProvider('YOUR_ETHEREUM_NODE_URL'))

if w3.isConnected():
    print('Connected to Ethereum node')
else:
    print('Failed to connect to Ethereum node')

Step 3: Monitor and Fetch Real-Time Gas Price Data

To fetch real-time gas price data, you can use an Ethereum API service like EtherGasAPI or directly query the Ethereum node. Here's an example of how to fetch the current gas price:

# Fetch current gas price (in Wei)
def get_gas_price():
    gas_price = w3.eth.gas_price
    return gas_price

current_gas_price = get_gas_price()
print(f'Current Gas Price: {current_gas_price} Wei')

Step 4: Create a RESTful API for Gas Price Information

You can use a web framework like Flask or FastAPI to create a RESTful API that provides gas price information. Here's a basic example using Flask:

from flask import Flask, jsonify

app = Flask(__name__)

# Endpoint to get current gas price
@app.route('/gas-price', methods=['GET'])
def get_gas_price():
    gas_price = w3.eth.gas_price
    return jsonify({'gasPrice': gas_price})

if __name__ == '__main__':
    app.run(debug=True)

Install Flask if you haven't already:

pip install Flask

Run your Flask application:

python app.py

Your API will be available at http://localhost:5000/gas-price. You can adapt and expand this API to provide more gas-related information.

Step 5: Share the API with Developers

Once your API is ready, share the endpoint (http://localhost:5000/gas-price or your hosted URL) with developers working on decentralized applications (dApps) and wallets. They can integrate this API to fetch real-time gas price information for Ethereum transactions within their applications.