Ethereum EIP-1559 Upgrade Coming Almost A Month: Report

The Ethereum upgrade EIP-1559 is almost a month away, with launch scheduled for August 4th^assignment as we can see more today in our latest Ethereum news.

The long-awaited London upgrade of the ETH network is getting closer as the code is finally deployed in the final test network this week. Ethereum’s EIP-1559 upgrade, or London hard fork, is scheduled for August 4th after the launch of the Rinkeby testnet. ETH developer Tim Beiko has released an update that confirms that the coin has been used in all three test networks. The start of the mainnet will take place on August 4th in block 12965000 and the first block will be produced on June 24th in the Ropsten test network. The Goerli test network was launched on June 30th and Rinkeby is currently in the final stages of testing prior to live streaming Mainnet.

And we stream live ???????????? https://t.co/a5blKgbZym

All three test networks have now been successfully updated to London

Note: Since OpenEthereum is out of date after London, no lock has been placed on Kovan and it will likely be updated after the mainnet. https://t.co/rCnLDMjxZj

– Tim Beiko | timbeiko.eth ???????? (@TimBeiko) July 8, 2021

Named after the second annual ETH developer conference in 2015, the London upgrade could lead the network into deflation by optimizing the current auction mechanism for fees. The EIP will offer a base fee instead of an auction fee at the first available price, and Consensys says the more transactions there are, the more pressurized the offer will be.

It won’t cut gas charges as many have hoped, but Consensys confirmed it in a manual upgrade last month, suggesting the charge could drop slightly:

“As a side effect of a more predictable base charge, EIP-1559 could lead to some gas price reductions if we assume that the predictability of charges means that users are less likely to overpay for gas.”

The upgrade will burn some transaction fees, which will affect the ETH offering over time. The website was set up to see the mechanism in action on various test networks and, at the time of writing, over 89,000 ETH have been burned on test networks worth $ 185 million. Systems deflation could intensify as the network moves from mining to proof-of-stake consensus in the first half of 2022.

As recently reported, Ethereum’s foreign exchange reserves fell to a two-year low and the number fell from 26 million in June 2020 to less than 21 million in July 2021, according to CryptoQuant.

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