The use of the SegWit protocol on the Bitcoin network has begun to grow again. According to the latest data, the share of transactions using this solution reached 39.77% in July 2019.
Prior to this, the maximum value was recorded in March, when the scope of SegWit application exceeded 41%. The SegWit or Segregated Witness protocol was developed to increase the throughput capabilities of the BTC network. To some extent, this solution was able to improve the performance of the blockchain when processing transactions on blocks of 1 MB.
The developers presented this solution almost two years ago, but began to actively use it relatively recently.
Peak values were recorded in the middle of autumn last year. Then the share of bitcoin transactions processed using the SegWit protocol exceeded 50%. Then, the scale of its use began to decline due to the mass exit of investors from digital currency.
The positive trend was recorded at the beginning of last spring, and now, in general, it continues. The driver of the growth in the volume of application of the protocol can be the recent decision of the OKT Maltese Cryptocurrency Exchange, which announced support for SegWit addresses.
In parallel, the marketplace included a Litecoin (LTC) in the listing. In a statement, OKEx notes:
SegWit BTC and Lightcoin addresses are now supported on OKEx. You can use both regular addresses and addresses whose transactions are processed through SegWit.
The first major cryptocurrency platform that launched full support for SegWit was the Winklevoss brothers Gemini exchange.