In August of last year, the popular blockchain explorer Etherscan’s gas tracker was updated to include decimal figures after fees dipped below 1 qwei. Decimals have now reappeared on Etherscan as fees again fall beneath the single qwei threshold. Gwei—short for “gigawei”—serves as a unit on the Ethereum blockchain to denote gas fees, the costs for executing transactions or interacting with smart contracts.

Since one qwei equals one-billionth of an ether (0.000000001 ETH), it offers a practical method for calculating and displaying small transaction fees on the network, much like Bitcoin’s smallest unit, the satoshi. Fees on the Bitcoin network have also declined recently, with transfer activity falling to levels not witnessed in years. Currently, a high priority transfer on Bitcoin is 3 satoshis per virtual byte (sat/vB), which amounts to $0.41 at the time of writing.

Although ETH fees have dropped, unlike Bitcoin, its daily transfer activity has not experienced a comparable decline. Daily confirmed ETH transactions have consistently surpassed 1 million. In contrast, Bitcoin has seen a noticeable decrease in daily transfers. ETH has even registered a modest increase since Nov. 2024.

Meanwhile, Ethereum’s onchain volume—or the measure of its economic throughput—has diminished over the same period. This shift in cost structure hints at deeper adjustments within blockchain protocols and evolving user behaviors. Market participants may be refining their strategies as economic indicators continue to evolve, prompting renewed focus on efficiency and accessibility. However, for both Bitcoin and Ethereum, the trend might simply emanate from an overarching lack of interest.

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