The term “Gwei” refers to a fractional unit of Ether (ETH), the native crypto of the Ethereum blockchain.
One Gwei equals one-billionth of an ETH. The term “Gwei” is derived from “Gigawei,” which combines “Giga,” denoting a billion, and “Wei,” the smallest denomination of ETH.
Gwei primarily measures gas prices, transaction fees, and smart contract execution costs on the Ethereum network. It’s the most commonly used unit of Ether for this purpose because it simplifies the pricing of Ethereum transaction fees, which are often tiny fractions of an ETH. Gwei provides a more practical unit for users when calculating these costs.
