15.6 C
New York
Monday, September 27, 2021

Buy now

Ethereum’s EIP-1559 is adopted 34x faster than Bitcoin’s SegWit

The adoption of the latest Ethereum update appears to have overtaken that of Bitcoin’s SegWit by multiple factors.

It has been just over three weeks since the Ethereum London update was rolled out on August 5. In that short time, it has seen rapid adoption according to Yearn Finance developer “banteg”.

In a tweet On August 27, the developer stated that the Bitcoin SegWit update went live four years ago, on August 25, 2017, adding that it is currently used for about 80% of BTC transactions.

He compared it to Ethereum’s EIP-1559 update, which It has only been active for 3 weeks and has already achieved 55% adoption, which is 34 times faster than SegWit adoption.

“EIP-1559 was launched on 08-05-2021 and already has 55% adoption. SegWit took two years to reach these levels ”.

EIP-1559 / SegWit adoption. Source: Twitter

When asked how “EIP-1559 adoption” was measured, the developer said, “I wrote a simple Dune query that counts type 2 transactions, divides them by the total count, and groups them by day.” Bitcoinvisuals shows the breakdown of SegWit transactions on the BTC network.

SegWit, or Segregated Witness, it was a change in Bitcoin transactions that separated transaction signatures and scripts from input and output data with the goal of paving the way for layer 2 Bitcoin scalability.

Ethereum gas rates are rising but stable

EIP-1559 was never intended to directly lower gasoline prices, but rather to make them more stable and predictable. However, this is of little comfort to average users, as gas rates rise once again.

According to BitInfoCharts, the average transaction fee has reached its highest level since mid-May, hitting $ 27. This is an increase of almost 240% from the average of $ 8 they had at the beginning of the month.

Etherscan’s Gas Tracker reports even higher figures with an average gas rate of $ 37 for a simple swap of tokens in Uniswap.

The NFT mania is causing the gas price to rise as the market OpenSea is the largest consumer of gas with almost 21% of the total used during the last 24 hours, which equates to about $ 5.6 million in network fees.

The 100,000 ETH milestone burned

OpenSea is also the largest ETH burner, having burned 1,734 ETH in the last 24 hours.

The total amount of ETH that has been burned since the London update was rolled out just over 3 weeks ago is 106,600 at the time of this writing, according to ultrasound.money. This equates to $ 330 million at current Ethereum prices, which is currently trading at approximately $ 3,090.


All information on our website is published in good faith and for general information purposes only. Any action the reader takes on the information found on our website is strictly at your own risk.

Tammy Sewell is our Writer and Social at OICanadian.com. Tammy loves sports, she writes our celebrities news. She spends time browsing through several celebs news sources as well the Instagram. Email: [email protected] Phone: +1 513-209-1700

Related Articles


Please enter your comment!
Please enter your name here

Stay Connected


Latest Articles