Cryptocurrency

99% ETH OFAC compliance to slow block time to 3hrs but not censor

Hull Invest

As Office of Foreign Assets (OFAC) compliance levels continue to increase on the Ethereum blockchain, researchers at Scroll ZKp found that censored transactions were more likely to occur on the ETH chain as opposed to Bitcoin (BTC) blockchain transactions. Proved the fact that it is confirmed faster. .

An Ethereum (ETH) block occurs on average every 13 seconds, with hundreds of blocks verified every hour. If the ETH validator is 99% OFAC compliant, the transaction will take an average of 3 hours, but will be included in the block.

Using data from inclusion.watch, visitors can adjust the level of censorship/compliance on the Ethereum network and see how long blocks censored by MEV boost relays are included in blocks.

At the time of writing, the average percentage of OFAC-compliant blocks generated has reached 77.82%, meaning that it takes over 7 minutes to reliably include non-compliant transactions in a block.

easblock time
sauce: inclusion watch

Justin Bons, CIO of Cyber โ€‹โ€‹Capital, claimed that Bitcoin blocks can take over an hour to process, whereas Ethereum blocks occur every 13 seconds. However, his average time to generate a block in Bitcoin has not exceeded 12 seconds in the last quarter. of crypto slate Akiva in the post below.

by using the new Inclusion Watch, Built on the infamous MEVwatch website, you can see the probability of inclusion by number of blocks in the 99.08% OFAC compliant ETH blockchain.

As you can see in the image below, if Ethereum were 99% compliant with OFAC sanctions, it would take 3 hours and 3 minutes for a transaction to be reliably included in a new Ethereum block.

eth 99% ofac
Source: inclusion.watch

So the argument that even if 99% of the network is censored, Ethereum would still be faster than Bitcoin seems false. Bitcoin network outlier blocks can be slow to process, but the average time to create a block is much shorter.

As Akiva pointed out, what is impressive is that even with censorship at 99%, Ethereum continues to process censored transactions within four hours. The argument that Ethereum is censorship-resistant is hard to dispute under this revelation. However, when transactions from Uniswap, Aave, or 1 inch are part of the 1%, the 3-hour settlement time is a serious cause serious network problems.

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