• Bitcoin Taproot utilization has hit a new all-time high of 4.2%.
• The “Taproot adoption” is a metric that quantifies adoption based on the percentage of total Bitcoin transactions with at least one Taproot input involved in them.
• Glassnode came up with the “utilization” metric, which actually counts all the spent outputs involved in a transfer and calculates the value based on their total.
Bitcoin Taproot Utilization Reaches New High
According to the latest weekly report from Glassnode, Bitcoin taproot utilization has now hit a new all-time high. Taproot is an upgrade to the Bitcoin protocol that enables faster and more efficient transactions.
What is Taproot Adoption?
The “Taproot adoption” metric quantifies how much adoption the upgrade has seen among users on the network. It measures this by looking at what percentage of total Bitcoin transactions have at least one Taproot input involved in them.
Limitations of Adoption Metric
This methodology has a major flaw though, as it does not accurately reflect actual utilization of the protocol. To solve this issue, Glassnode devised an alternative “utilization” metric which looks at all spent outputs involved in a transaction and calculates value based on their total.
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