Daily Gas Costs
This insight monitors hourly gas costs over a certain period of time. Users are able to track these costs in Gwei, Ethereum’s default measure for gas costs. 1 Gwei = 0.000000001 ETH. They will also be able to see the dollar estimate which is obtained by multiplying the gwei cost times 21,000, the minimum gas spent in a simple ETH transfer.
Gas costs provide a view into how much Ethereum users are willing to pay for Ethereum blockspace. When there are high amounts of transactions, blockspace becomes more scarce thus making it more expensive for users to transact in Ethereum. For this reason, gas costs tend to spike when there is an upsurge in usage and urgency of Ethereum users. While increasing gas costs price out smaller transactions, they point to an increase in demand to transact in the Ethereum blockchain.