Ethereum's London Hard Fork is Now Live, Over 4,000 ETH Already Burned

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Ethereum's London Hard Fork is Now Live, Over 4,000 ETH Already Burned

The London upgrade introduces five new EIPs, most notably EIP-1599

  • A crucially important upgrade for the Ethereum network and of the most anticipated upgrades in the cryptocurrency sector this year has gone live hours ago. The so-called ‘London Hard Fork’, which went live at block number 129650000 is a giant leap towards Ethereum 2.0. The ‘2.0’ upgrade is expected to arrive in December of this year or January 2022 and usher the platform to a massively more efficient Proof-of-Stake (PoS) era.
  • The upgrade comes with a set of five Ethereum improvement proposals (EIPs), with the EIP-1599 being at the center of the new protocol upgrade. EIP-1599 introduces improved estimation of transaction costs for the users on the platform. The transaction fees that were previously paid to miners will now be removed from circulation and burned. As the burning of Ether will create deflationary pressure on the digital currency the price of ETH is expected to increase.
  • The upgrade changes how the mining fees are paid. Users will from now on ‘tip’ miners for their service of processing transactions, while the so-called ‘base fee’ will be removed from the supply. The change will certainly lower gas fees over the long-term, however, we will have to wait for a bit longer to see by just how much.
  • Since the upgrade went live, over 4,000 ETH were burned indicating that the rollout was a success. To follow how the EIP-1599 impacts ETH transactions and base fees in real-time you can check out The Ethereum Block Chain Explorer.
  • Leading to the London upgrade, the price of ETH experienced a hefty price increase. From its July low of $1,728, the price of the second-largest digital currency made a 56% rebound and is trading at $2,753, at the time of this writing.

Aaron is passionate about technology and finance. Aaron first discovered blockchain technology in 2016. After learning about the transformative power of crypto, which he primarily credits to Alex Tapscott's Blockchain Revolution, he sought to expand his knowledge by becoming more intimately involved with the blockchain space. He joined CoinCodex in 2018 and has since been covering a variety of topics, ranging from Bitcoin and Ethereum to NFTs and the metaverse.

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