Ethereum EIP-1559 Upgrade Sees Faster Adoption Than BTC Segwit

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The London Hard Fork deployed on the 5th of August has just been a bit over three weeks. According to the Finance Developer of the Yearn Network, the network has seen a swift adoption in a short time.

In a tweet posted on August 27, the finance developer mentioned that the SegWit upgrade by Bitcoin was launched four years ago on the 25th of August, 2017. He further stated that the upgrade has catered for about 80% of the Bitcoin transactions.

Moving forward, he drew a comparison line between the BTC’s SegWit and the new Ethereum EIP-1559, which has only been launched for barely a month. In his tweet, he stated that the Ethereum network has gained 55% more adoption and is currently 34 times better and faster than Bitcoin’s SegWit upgrade.

When the question of the metric was used to measure the EIP-1559 adoption, he responded by saying, “I Only develop a simple Dune Query that will count every type 2 transaction on the network and divide them by the aggregate counts. The results are then grouped daily.” Bitcoinvisuals already has the analysis of the transactions facilitated by the SegWit upgrade on the BTC network.

SegWit (named Segregated Witness in full) was an adopted upgrade for BTC transactions that will classify the transactions signatures and the scripts from input and output data used in paving the way for the BTC layer two scalings.

ETH Gas Fees Increasing but Steady

In the real sense of the upgrade, EIP-1559 was not designed to reduce the gas fees of Ethereum transactions but to make them predictable and stable even when the network is congested. Though the gas fees surge, this fact is a consolation to an average Ethereum user.

Information from BitInfoCharts revealed that the average fees charged for transactions have gotten to the highest peak since May rising to $27. This figure is about a 240% increase compared to the average price of $8 charged for transactions at the beginning of the month.

The Etherscan Gas Tracker even captured a higher figure recording the average Ethereum transaction fee as $37 for a token swap in Uniswap.

One of the causes for the spike in the gas fees is the NFT Mania. The NFT marketplace, OpenSea, has been recorded as the biggest consumer of Ethereum gas, having recorded 21% of the total transaction fees in the last 24 hours generating about $5.6 million approximately.

The 100,000 ETH Burning Milestone

Altogether, about 1,734 ETH has been burnt in the last 24 hours through the OpenSea platform, making it the largest ETH burner in the ecosystem. Since the London hard Fork three weeks ago, the total ETH burnt has been 106,600 altogether, according to ultrasound.money. Calculating the current ETH price of $3,090, the total amount of the burnt ETH is around $330 million.

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