The Daily Gwei - EIP-1559 Adoption - The Daily Gwei #512
Ethereum’s most popular network upgrade to date has been EIP-1559. I mean, it’s the only EIP number that 99% of people remember and can actually attach meaning to - that’s a pretty crazy feat in of itself! Though of course it’s much more than that - it brought with it improved transaction inclusion, smoothed-out fees and the fee burn that everyone gets so excited about. EIP-1559 was implemented on Ethereum almost a year ago, ~80% of trades now use the new dynamic gas fee over the legacy gas fee option
Source 👉 dune.com/queries/994250 The chart above illustrates something quite interesting - namely that about 80% of the network is now using 1559-style transactions. This means that 20% of transactions on the network are still using the ‘legacy’ transaction type and thus not getting the benefits of EIP-1559 (though the ETH is still being burnt from these transactions). If I had to guess, I’d say this 20% consists of users who have not upgraded their wallets for 1559 support (hardware or otherwise), centralized exchanges/services that have not updated their infrastructure and there is probably some MEV benefit to using old transaction types. I don’t think we’ll ever get to 100% 1559-style transaction adoption because Ethereum’s network effect is so expansive. For example, you could imagine someone who has a hardware wallet that they haven’t touched in years but has some ETH stored on it. One day, they decide to plug in this hardware wallet, do a transaction without updating the software, and then that transaction would show up in the ‘legacy’ share of the network. Obviously people could also just manually submit legacy-style transactions for fun as well which just further reinforces the fact that getting to 100% 1559-style transaction is basically impossible. Maybe one day the Ethereum network will be changed to no longer support legacy-style transactions which would force everyone to use 1559-style ones - I don’t think it’s unlikely that something like this would happen. Until then, we’ll keep seeing these legacy transactions on the network for one reason or another - I’m just very happy that these transactions still burn ETH - after all, we’ve got an ultra sound money to cultivate! Have a great day everyone, Enjoyed today’s piece? I send out a fresh one every week day - be sure to subscribe to receive it in your inbox! Join the Daily Gwei EcosystemAll information presented above is for educational purposes only and should not be taken as investment advice. If you liked this post from The Daily Gwei, why not share it? |
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