Segregated Witness (SeGwit) usage for litecoin has reached an all-time high of 75%, establishing a new milestone for the cryptocurrency.
Litecoin SegWit Adoption
According to a report by Litecoin.com, SegWit usage on litecoin’s network peaked at 75% on Sept. 19, just over two years after the protocol was first activated. SegWit adoption has been somewhat lackluster for litecoin, averaging around 50% of network usage throughout the majority of 2019. The last peak in segwit transactions occurred in November 2018, constituting just over two-thirds of network usage.
Litecoin core developer Loshan told the outlet that growing SegWit adoption is a testament to LTC’s innovation-oriented development,
Litecoin led the way forward in adopting the bloat-reducing tech: SegWit. In the future, we hope to lead adoption in cutting-edge blockchain technology.
Litecoin preceded bitcoin in implementing SegWit integration, which allowed for an increased capacity, while decluttering some of the unnecessary data being carried in transactions. SegWit has been met with controversy since its release in 2017 but has ultimately reduced transaction fees while improving the efficiency of the blockchain.
Crypto exchange Coinbase was one of the major catalysts for increasing segwit adoption on LTC’s network, when it implemented the feature in February 2018. SegWit-based usage jumped from 9% at the time to over 33%.