Ethereum Classic devs announce upcoming hard fork
Ethereum Classic gets a major upgrade in July. Here’s how it will save users on gas fees. On Monday, developers of the Ethereum Classic (ETC) blockchain announced a hard fork to implement the project’s latest version, now scheduled for launch in late July. The upgrade, which the community has dubbed "Magneto,” will include the four Ethereum Improvement Proposals, or EIPs, first seen in Ethereum’s Berlin upgrade earlier this year.
These proposals are meant to improve the network’s security, while saving on gas costs by storing addresses and keys in one place for users to access with a single transaction. Beta testing on ETC’s Morder and Kotti testnets began on June 2 and June 9, respectively. The Magneto fork is set to officially occur once these tests have concluded.
Stevan Lohja, developer relations manager for Mantis — a full-featured client and wallet for Ethereum Classic — told the ETC community:
“To ensure a successful fork, we ask ETC consumers to upgrade their node software to a Magneto compatible version if they have not done so already. If you’re not operating nodes or services, but use ETC through other services, then check with that service to ensure they’re supporting the Magneto hard fork.”
Ethereum Classic was originally created under rocky circumstances back in 2016. The protocol forked from the Ethereum (ETH) mainnet due to the $60 million hack of a project known simply as “the DAO” — an early decentralized autonomous organization. Following the exploit, Ethereum’s developers decided to roll back the malicious transactions in an attempt to circumvent the hacker and return the stolen funds to their proper owners.
Some believed that undoing these transactions would in effect override one of Ethereum's core tenets — “Code is law”. These users felt that it was better to accept the loss and learn from the engineering mistakes that allowed the hacker to siphon the funds. As a result, the Ethereum Classic project forked away from Ethereum in an effort to preserve what some felt was the most accurate representation of the project’s blockchain.
Back in May 2021, some Ethereum Classic enthusiasts jokingly referred to the project as “the wrong Ethereum” as the price surged in excess of 300% — perhaps due to new crypto traders confusing it for ETH.
Top Cryptocurrencies with Price Predictions
| # | Crypto | Prediction | Accuracy | CVIX | Price | 24h | 7d | Market Cap | 7d price change | |
| 1 |  BTC |
Bitcoin predictions | 87.2% | 21 | $20 343.76 | 0.74% | 4.35% | $390 002 144 811 |  |
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|---|---|---|---|---|---|---|---|---|---|---|
| 2 |  ETH |
Ethereum predictions | 65.6% | 78 | $1 371.86 | 1.23% | 2.24% | $168 287 742 378 |  |
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| 3 |  USDT |
Tether predictions | 94% | 1 | $1.000141 | -0.01% | 0.01% | $68 222 178 413 |  |
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| 4 |  BNB |
Binance Coin predictions | 82.8% | 21 | $296.37 | 0.50% | 4.40% | $47 815 124 698 |  |
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| 5 |  USDC |
USD Coin predictions | 92.8% | 1 | $0.999980 | 0.01% | -0.02% | $46 433 199 437 |  |
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| 6 |  XRP |
XRP predictions | 61.6% | 85 | $0.496669 | 4.51% | 12.60% | $24 763 202 282 |  |
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| 7 |  BUSD |
Binance USD predictions | 91.2% | 1 | $1.000043 | 0.05% | 0.03% | $21 043 130 520 |  |
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| 8 |  ADA |
Cardano predictions | 74.8% | 42 | $0.434909 | 0.55% | -0.40% | $14 899 368 238 |  |
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| 9 |  SOL |
Solana predictions | 86.8% | 21 | $34.30 | 0.54% | 1.72% | $12 185 648 954 |  |
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| 10 |  STETH |
Lido stETH predictions | 94.8% | 1 | $2 941.39 | -0.40% | -3.32% | $10 258 752 564 |  |
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| 11 |  DOGE |
Dogecoin predictions | 83.2% | 21 | $0.066218 | 1.79% | 8.97% | $8 785 142 892 |  |
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| 12 |  MATIC |
Polygon predictions | 72% | 56 | $0.846366 | 0.82% | 12.86% | $7 392 430 810 |  |
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| 13 |  DOT |
Polkadot predictions | 70% | 59 | $6.48 | 1.22% | 0.75% | $7 283 638 838 |  |
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| 14 |  DAI |
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| 15 |  WTRX |
Wrapped TRON predictions | 93.6% | 5 | $0.062676 | 0.57% | 4.44% | $6 372 618 183 |  |
