Giga means giga, and gas means gas fee. Together they equal giga gas fee.

The concept of gigagas was proposed by Paradigm's CTO.

Originally, we used transactions per second (tps) to measure the speed of a blockchain, but now the situation has changed. Gas consumed per second is a more accurate measure because:

Measurement of computational work: Gas is a unit of measurement of the computational work required to perform an action (such as a transaction or smart contract), so GPS more accurately reflects the amount of computation the network can process per second.

Reflection of capacity and efficiency: Using GPS as a performance indicator can provide a clearer understanding of the capacity and efficiency of the blockchain and help evaluate system costs.

Protection against DOS attacks: Normalizing performance metrics to GPS provides better protection against potential Denial of Service (DOS) attacks that could exploit less precise metrics.

Cross-chain performance comparison: Using GPS helps compare the performance of different EVM-compatible chains, as different chains may have different computational complexities in transaction processing.

If we rank the current mainstream L1 and L2 based on the amount of gas per second, we will find some unexpected results. The list is as follows:

mg refers to milligas, or "one thousandth of a gas". The larger the value, the more computation the blockchain network can process per second, i.e. the better the performance.

From the above table, we can see that the strongest is the Binance system. As to why, it is unknown, because the technology is confidential. On the surface, it may be because Binance is rich and powerful. After all, money makes the world go round. If enough money is given, research and development can move forward in big strides.

In summary, the amount of gas consumed per second can be used as a new indicator to be included in the valuation model. This is a very useful indicator because it is new enough, and newer things tend to have miraculous effects.

Finally, gigagas will become a concept in the future, and cryptocurrency investors who speculate on concepts should pay more attention. The public chain will move towards the goal of 1 gigagas. So will the first one to reach it win? This is left for everyone to think about.