Токен GWEI: новая эра торговли газом в Ethereum Translation: Token GWEI: a new era of gas trading in Ethereum

The ETHGas protocol will launch a governance token called GWEI. Its aim is to transform Ethereum’s block space into a programmable and tradable asset.

The total supply will consist of 10 billion coins, with 10% allocated to the community. The remaining tokens will be distributed as follows:

According to the developers, Ethereum remains the leading settlement layer in the crypto industry, but the current block space allocation mechanism does not meet the demands of applications. This results in transaction delays and sharp spikes in fees.

To tackle this issue, the ETHGas team has proposed a shift in the access scheme for block space. Protocols will be able to pre-book guaranteed bandwidth on a secondary market, enabling the creation of a «scalable user experience without fees.»

The GWEI token holders will govern the ecosystem and will have the responsibility to vote on key issues, ranging from configuring network parameters to approving updates and managing the treasury.

The launch of the coin follows a funding round of $12 million. Previously, ETHGas also introduced the first futures market for Ethereum block space with guaranteed liquidity of $800 million.

ETHGas primarily targets institutional players: exchanges, funds, and large DeFi protocols. For them, guaranteed bandwidth and protection against price shocks during network congestion are crucial.

On January 19, the ETHGas developers will conduct a snapshot for an airdrop. However, they did not specify the exact date for the GWEI launch.

It is worth noting that at the beginning of December, Ethereum co-founder Vitalik Buterin proposed the creation of a futures market for gas on the blockchain of the second-largest cryptocurrency by market capitalization. He believes such a tool would allow for hedging against the risks of potential fee increases.