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Wednesday, February 8, 2023

Ethereum Has Been Inching Quite Close To 100% Censorship

Since it is pretty understandable that censorship on a protocol level is definitely quite a hindrance to developing the crypto ecosystem, the entire industry has been keeping track of the growing compliance of Ethereum with the standards that the Office of Foreign Assets Control put up.

The last 24 hours have seen the network of ETH enforce this compliance on close to 73% of the blocks that have been imposed. In the October of 2022, Cointelegraph reported on the concerns with rising censorship after around 51% of the blocks of ETH were found to be in sync with the standards put forward by the OFAC.

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However, according to data that was recovered from mevWatch, one could definitely confirm that the minting of such blocks which are OFAC compliant on a daily basis has increased to around 73% as of the 3rd of November

Ethereum’s Compliance Could Be Dangerous To The Rest of The Community

Some of the relays in MEV-Boost- which are regulated through the OFAC- will be censoring certain crypto transactions. As a result of this, in order to ensure the neutrality of Ethereum, the network would have to adopt an MEV-Boost relay which was non-censoring.

The validators of ETH will be reducing the compliance of OFAC by discarding relays in their configuration of the MEV-Boost that censor transactions, such as BloxRoute Ethical, BloXroute Max Profit, Relaynoor, and Manifold. Compliance with OFAC allows the United States government agency to create trade and economic sanctions. Earlier, the agency had sanctioned several addresses of ETH and Tornado Cash.

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The public and mainstream adoption of Ethereum and Bitcoin did speed up after UnionBank, one of the biggest universal banks in the Philippines debuted a form of cryptocurrency trading that was linked to a Swiss crypto firm called Metaco.  

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