Coinbase Markets announced Monday that spot trading for ETHGas (GWEI) will go live Tuesday, Feb. 24, 2026, with the GWEI-USD pair opening on or after 9 a.m. PT, subject to liquidity conditions.
The listing comes roughly two weeks after Coinbase added GWEI to its listing roadmap on Feb. 11, and follows the token's existing availability on Coinbase Futures since the same date.
ETHGas is an Ethereum (ETH) infrastructure protocol launched on mainnet in 2025.
It introduces a forward market for Ethereum blockspace, allowing validators, builders, and searchers to buy and sell block inclusion rights ahead of time, rather than competing in real-time spot auctions at block production.
What Happened
GWEI is the governance token of the ETHGas protocol. It is an ERC-20 token deployed on Ethereum; holders can stake it to receive veGWEI, a non-transferable token granting voting power over protocol parameters, treasury allocations, and upgrades.
GWEI does not pay Ethereum transaction fees and carries no equity or revenue entitlement.
The token has a fixed maximum supply of 10 billion, with approximately 1.75 billion - 17.5% - currently circulating, according to CoinMarketCap. Early investors hold an average cost basis of roughly $0.0063, representing meaningful sell pressure as vesting schedules progress.
At current prices near $0.030, GWEI's market cap is approximately $53 million.
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Why It Matters
The Coinbase spot listing expands retail access to a token that has already seen significant derivatives activity. GWEI's Binance perpetual contract launch on Jan. 29 produced a 30% price rally; subsequent futures listings introduced leverage of up to 50x.
A "proof of pain" airdrop in January, rewarding historical Ethereum gas spenders, drove a 90% price jump within 24 hours of the listing.
ETHGas raised $12 million from Polychain Capital and Amber Group. The protocol was founded by Kevin Lepsoe, a former financial engineering lead at Morgan Stanley with a background in structured products and low-latency systems.
As of late 2025, it routes a low single-digit percentage of Ethereum blockspace through its pipeline. Whether that utilization scales meaningfully remains the central open question for the protocol's long-term value case.
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