The Ethereum EIP-1559 update was adopted 34x faster than Bitcoin Segwit.

Adoption of Ethereum ‘s latest update appears to be ahead of Bitcoin

‘s Segwit by a wide margin. Sponsored

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

In a tweet

dated August 27, the developer stated that the SegWit Bitcoin update went live four years ago on August 25, 2017, adding that it is now used for about 80% of BTC transactions. Sponsored

He compared this to Ethereum’s EIP-1559 update, which has only been live for 3 weeks and has already gained 55% adoption, which is 34 times faster than Segwit’s adoption.

EIP-1559 went live on August 5, 2021 and already has 55% adoption. SegWit took two years to get to those levels.

The Ethereum EIP-1559 update was adopted 34x faster than Bitcoin Segwit.The Ethereum EIP-1559 update was adopted 34x faster than Bitcoin Segwit. EIP-1559 / Segwit adoption – twitter/”banteg”

When asked how “EIP-1559 adoption” was measured, the developer stated: “I wrote a simple Dune query that counts Type 2 transactions, divides them by the total number, and groups them by day.” Bitcoinvisuals

shows 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 input and output, with the goal of paving the way for Bitcoin’s Layer 2 scaling.

Ethereum gas fees soar, but are stable

EIP-1559 was never intended to lower gas prices directly, but to make them more stable and predictable. However, this is little consolation for average users as gas fees are once again soaring.

According to BitInfoCharts, the average transaction fee

has reached its highest level since mid-May, hitting $27. This is a jump of nearly 240% from the $8 average that was at the beginning of the month.

Etherscan Gas Tracker is reporting even higher numbers, with an average fee of $37 for a simple token exchange on Uniswap

.

NFT mania is causing gas prices to jump as the market <a href=”https://beincrypto.pl/rynek-nft-opensea-osiagnal-w-s

August-1-million-usd-volume/”>OpenSea is the largest gasconsumer with nearly 21% of total consumption in the last 24 hours, which equates to about $5.6 million in network charges.

ETH 100,000 milestone

OpenSea is also the largest ETH burner, having destroyed 1,734 ETH in the last 24 hours. The total amount of ETH burned since the London update was implemented just over 3 weeks ago stands at 106,600 at the time of this writing, according to ultrasound.money. This is equivalent to around $330 million at current Ethereum prices of around $3,090.

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