It has been a little bit over three weeks since Ethereum’s London upgrade was deployed on Aug 5. In that short time, it has seen rapid adoption in accordance with Yearn Finance developer “banteg.”
In a tweet on Aug 27, the developer said that Bitcoin’s SegWit upgrade went live four years in the past on Aug 25, 2017, including that it’s at present used for about 80% of BTC transactions.
He compared that to Ethereum’s EIP-1559 upgrade which has only been residing for 3 weeks and has already gained 55% adoption which is 34 times faster than Segwit adoption.
“EIP-1559 went live on 2021-08-05 and already has 55% adoption. SegWit took two years to get to these ranges.”
When asked how “EIP-1559 adoption” was measured, the developer stated, “I wrote an easy Dune query which counts type 2 transactions, divides them by total count, and groups by day.” Bitcoinvisuals exhibits the breakdown in Segwit transactions on the BTC network.
Segwit, or segregated witness, was a change in Bitcoin transactions that separated transaction signatures and scripts from inputs and outputs data with the goal of paving the way in which for Layer 2 Bitcoin scaling.
Ethereum gas fees surging but stable
EIP-1559 was never intended to straight scale back gas prices but make them more stable and predictable. That is of little comfort to common customers although as gas fees surge once again.
Based on BitInfoCharts, the common transaction charge has reached its highest level since mid-May, hitting $27. This can be a surge of almost 240% from the $8 average they were at the beginning of the month.
Etherscan’s Gas Tracker is reporting even higher figures with an average gas charge of $37 for a simple token swap on Uniswap.
NFT mania is inflicting the gas value spike because the OpenSea market is the most important client of gas with nearly 21% of the entire used over the past 24 hours equating to around $5.6 million in network charges.
100,000 ETH burning milestone
OpenSea can be the most important burner of ETH having destroyed 1,734 ETH up to now 24 hours. The entire amount of ETH burnt for the reason that London improve was deployed a little bit over 3 weeks in the past is 106,600 on the time of writing according to ultrasound.money. That is equal to around $330 million at current Ethereum prices of around $3,090.