A gas fee is the charge paid to a blockchain network to process a transaction or run smart contract code. It is priced per unit of computation and rises when the network is busy.
Account abstraction turns a blockchain account into a programmable smart contract rather than a single private key. The account's own code then decides how transactions are signed, how access is recovered and who pays the fees.
A Layer 2 is a network built on top of a base blockchain that processes transactions away from the main chain and settles the results back to it. The aim is lower fees and higher throughput.
A smart contract is a program deployed on a blockchain that runs exactly as written whenever it is called. It can hold and move digital assets according to its own rules, without an intermediary.
A Layer 1 blockchain secures and settles transactions itself, while a Layer 2 processes them off the main chain and posts the results back to it. Layer 2s exist mainly to lower fees and raise throughput while borrowing the base chain's security.
Maximal extractable value (MEV) is the profit that whoever orders transactions in a block can capture by including, excluding or reordering them. Users experience it as front-running and worse trade prices.
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