A user spent an additional 76% of their total purchase price in gas fees on a single memecoin trade.
Gwei is a denomination of Ethereum (ETH) equivalent to 0.000000001 ETH (10-9 ETH) and is usually used to denote gas or transaction fees on the blockchain network. An abbreviation of the term “giga-wei,” 1 gwei equals 1,000,000 wei, with wei being the smallest unit of ETH, amounting to 10-18 ETH.
Since every transaction on the Ethereum network requires computational effort to execute specific instructions, the applicable gas fees are represented in the form of gwei and added or subtracted to the amount of ETH being transacted, depending on whether it is a purchase- or sale-based transaction.
Akin to fiat currencies like the United States dollar being broken down into smaller denominations like pennies and quarters, gwei is used to denote the transaction cost on the Ethereum network instead of displaying it as a fraction of ETH, similar to how satoshis (sats) are used to denote Bitcoin (BTC) transactions. Although there are other terms such as wei and pwei as well, the majority of the transactions are represented in either ETH or gwei, depending on the size of the transaction or gas fees involved.
Ethereum block statistics show that the average number of blocks mined each day showed little to no change, while the total block size per month increased by 7%.4049
The latest metrics on new registrations and renewals of existing domains on ENS show that interest in the digital identity service has shattered previous records.14223
A new industry report on the GameFi landscape traces its development from the embryonic stages to an established industry.3523
In this week's DeFi newsletter, we will look at the Andre Cronje debacle, the Polygon upgrade, the rise of ThorChain and the growing value of the DeFi ecosystem with synthetic assets.5379
Data also shows that the average gas price on Ethereum has been dropping rapidly since the start of the year, plunging from 218 Gwei on Jan.10 to 40.82 on Wednesday.12894
The decentralized exchange has moved onto Arbitrum to help users get around Ethereum network congestion and expensive gas fees.6650
The next wave of DeFi will see users utilizing L2 chains, interacting freely or at near-zero cost with newer DeFi applications.20734