ETHGas launches GWEI token to govern Ethereum blockspace and make onchain execution predictable

Ethereum blockspace protocol ETHGas has introduced its native governance token, GWEI, intending to shift Ethereum's blockspace allocation from blind gas auctions to a programmable, tradable market. ETHGas argues that current blockspace allocation fails to meet application demand, causing latency and volatile gas costs. The GWEI token grants holders oversight over the protocol's evolution, including parameter changes and treasury decisions, with voting power linked to staking and lock-up commitments. This launch follows ETHGas's prior success in raising $12 million and unveiling an Ethereum blockspace futures market. The project's broader goal is to build the infrastructure for "Realtime Ethereum," allowing applications to secure execution in advance, moving away from competing in the public mempool. This approach enters a debate about managing Ethereum fees, contrasting with pure competition by favoring coordination among token holders.

(Source：The Block)