It has been a little over three weeks since Ethereum’s London upgrade was deployed on Aug 5. In that short time, it has seen rapid adoption according to Yearn Finance developer “banteg.”
In a tweet on Aug 27, the developer stated that Bitcoin’s SegWit upgrade went live four years ago on Aug 25, 2017, adding that it is currently used for about 80% of BTC transactions.
He compared that to Ethereum’s EIP-1559 upgrade which has only been live 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 levels.”
When asked how “EIP-1559 adoption” was measured, the developer stated, “I wrote a simple Dune query which counts type 2 transactions, divides them by total count, and groups 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 inputs and outputs data with the goal of paving the way for Layer 2 Bitcoin scaling.
Ethereum gas fees surging but stable
EIP-1559 was never intended to directly reduce gas prices but make them more stable and predictable. This is of little consolation to average users though as gas fees surge once again.
According to BitInfoCharts, the average transaction fee has reached its highest level since mid-May, hitting $27. This is a surge of nearly 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 fee of $37 for a simple token swap on Uniswap.
NFT mania is causing the gas price spike as the OpenSea marketplace is the largest consumer of gas with almost 21% of the total used over the past 24 hours equating to around $5.6 million in network fees.
100,000 ETH burning milestone
OpenSea is also the largest burner of ETH having destroyed 1,734 ETH in the past 24 hours. The total amount of ETH burnt since the London upgrade was deployed a little over 3 weeks ago is 106,600 at the time of writing according to ultrasound.money. This is equivalent to around $330 million at current Ethereum prices of around $3,090.