Ethereum London Upgrade starts in the testnet with 100,000 deployments in one day on Eth2

The upcoming Ethereum upgrade in London, which includes the highly anticipated Ethereum Improvement Proposal (EIP) 1559, has been deployed on the Ropsten testnet.

After launching on June 24th on Ropsten, London is now expected to run through the Ethereum test networks Goerli, Rinkeby and Kovan at an almost weekly interval – which the Ethereum community expects the mainnet deployment date to be more stable.

The new upgrade will burn off transaction fees. According to EIP-1559 tracking website Watch the Burn, around 88,500 ETH test nets worth a nominal $ 177.6 million have been burned on Ropsten the day since it was launched in London.

The high rate of burned ether on Ropsten has rekindled the discussion about whether EIP-1559 will lead to a deflation of Ethereum – where more ETH is destroyed than new supply is circulated – and this can do what that for the Ethereum price could mean in the future.

700 per day is the lowest estimate. Will burn 250,000 ETH annually. The offer is decreasing. 6000 a day will burn 2 million a year. Excited.

– Caesars Palace (@ CeasarBlue92) June 24, 2021

EIP-1559 isn’t the only upgrade the London community has come to expect, however, as CryptoFees’ David Mihal describes EIP-3074 as “fixing one of Ethereum’s most overlooked security issues” to meet approvals.

One of the most overlooked security issues with Ethereum is ERC20 approval.

I gave up pushing my ERC777 to fix this … Our next opportunity to fix this is EIP-3074.

3074 allows users to approve a transfer, take an action, and then revoke approval in a transaction. https://t.co/zk52JtYaAj

– David Mihal (@dmihal) June 24, 2021

Connected: London Tour Guide: What EIP-1559 Hard Fork Promises for Ethereum

Coincidentally or not, crypto data aggregator CryptoQuant noted that around the same time as the launch, 100,000 ethers were deposited into Eth2’s staking contract, valued at around $ 200 million.

CryptoQuant also noted that currently more than 5% of ETH supply is tied up in staking worth around $ 11.75 billion.

Yesterday over 100,000 ETH deposited in ETH 2.0

Read more in Quicktakehttps: //t.co/XNyCB3wbQ6 pic.twitter.com/oovBdeIM2C

– CryptoQuant.com (@cryptoquant_com) June 24, 2021