1 sat/vB is clearing but someone just made a consolidation at 102 sat/vB 🫥
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Sense check Despite a dip in activity there are still 267k “legit” transactions per day. (Average non OP_RETURN related/Inscription over the past 90 days)
Over the past 1000 blocks, more than 30% of transactions have been below the longstanding1 sat/vB default min tx relay fee limit. image If we plot the actual data, we see spikes around round feerates (1,2,3,4 sat/vB) and a (surprisingly ?) large spike in the sub 1 sat/vB fee rates on the right hand side. image We can animate this graph with a 1000 block sliding window for the month of August. There is a wide range in the proportion of blocks which are < 1 sat/vB, but the 144 block rolling average has been on an uptrend in recent months (shown here is data since June, block 900000) image
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I've put some numbers together to help you determine whether the horse has already bolted regarding the use of bitcoin for non financial transactions. 49% the UTXO set is sub 1000 sat outputs 43% of transactions in the past 2 weeks had an OP_RETURN or were inscriptions. image
A third of all transactions in the past 30 days were BRC20
What is the best long form criticism or caution regarding the strategic bitcoin reserve?
Q/ Wait how is the Mempool now 22 blocks deep!!? A/ Well this one address ( Possibly “CoinCola” from a quick search) is associated with 926+ chunky consolidation transactions which are now in the mempool. Nature is healing.
The Mempool Open Source Project®
Explore the full Bitcoin ecosystem with The Mempool Open Source Project®. See the real-time status of your transactions, get network info, and more.
Have you ever used testnet?