Ethereum Hits Three-Month Low Of 47%

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The percentage of the blocks of Ethereum that have been complying with the guidelines set up by the United States Office of Foreign Asset Control has now gone under 47%- which is the lowest it has been since the 11th of October. The recent milestone in reversing the censorship associated with cryptocurrency does come around three months after the OFAC-compliant blocks percentage went up to 79% on the 21st of November.

For those who are wondering, the OFAC-compliant blocks are ones that would be excluding the transactions that involve parties that have been sanctioned by the Treasury Department’s Office of Foreign Assets Control. Such a decline in the compliant blocks is usually seen as a victory for those opposing censorship in the ecosystem of ETH.

Ethereum’s OFAC-compliant Blocks Went Down By 47%

Labrys, a Blockchain consulting firm and the creator of the MEV Watch, recently stated that the fall of Ethereum could be attributed to the validators opting to use relays of MEV-boost that usually didn’t censor the transactions in accordance with the requirements of the OFAC.

The MEV-boosts relays also went on to act as trusted mediators between the block builders and the block producers, something that enables the validators of ETH to outsource the block production to several other block builders. The CEO of this blockchain consulting firm, Lachlan Feeney, stated in a 14th February statement that he was happy with how the blockchain community had responded to the issue of censorship ever since it came to the forefront post-Merge. 

After the first day of Ethereum with its new proof-of-stake consensus mechanism on the 16th of September, only 9% of the blocks were OFAC-censored. However, the figure went on to increase sharply over the next couple of months, peaking at 79% on the 21st of November.