Gwei is a specific denomination of Ether (ETH), the native cryptocurrency of the Ethereum blockchain, representing one billionth of an Ether. It serves as the standard unit used to measure the cost of gas fees for transactions and computational operations on the Ethereum network. This unit helps users and developers easily quantify smaller values of Ether when interacting with the network.
Context
Gwei is a common term in crypto news, especially when discussing Ethereum transaction costs and network congestion levels. Fluctuations in Gwei prices directly impact the expense of interacting with decentralized applications and smart contracts, making it a critical metric for network users. Understanding Gwei is essential for predicting transaction costs.
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