What is GWEI?
Gwei is the smallest denomination of ETH that is equivalent to 1/1,000,000,000 of 1 ETH.
1 ETH = 1,000,000,000 Gwei
All transaction fees on the Ethereum network are denominated in Gwei.
Why is gas shown in GWEI?
Since one unit of Gwei is an extremely small amount of Ethereum (0.000000001 ETH), it is much simpler to interpret and transact in terms of Gwei rather than fractions of a fraction of ETH.
Why are Ethereum fees so high?
Ethereum fees are high when the network experiences a rapid spike in demand for getting transactions submitted on-chain. A common cause of an Ethereum transaction fees spike is a highly anticipated NFT release. During these drops, it’s common for users to set high priority fees to be competitive for inclusion in the subsequent blocks. Congestion builds in the mempool as more people try to mint the NFT, causing base fees to rise due to blocks being more than 50% full. You can see these public gas auctions in action in our presentation How Everything (and Nothing) Changes With Gas Fees.
Blocknative’s ETH Gas API Platform leverages real-time mempool data to help you maximize predictability, and avoid overpaying when gas fees are high.
Blocknative Gas Fee Estimator for ETH & MATIC
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