Ethereum London upgrade launches on testnet as 100K staked in a day on Eth2
The Ethereum community is anxiously awaiting the mainnet launch of EIP-1559. Ethereum’s forthcoming London upgrade, containing the highly-anticipated Ethereum Improvement Proposal (EIP) 1559, has been deployed on the Ropsten testnet. Following the June 24 launch on Ropsten, London is now expected to progress through Ethereum’s Goerli, Rinkeby, and Kovan testnets at roughly weekly intervals — from which point the Ethereum community expects a date for mainnet deployment to firm up.
The new upgrade will see transaction fees burned. According EIP-1559 tracking website, Watch the Burn, roughly 88,500 testnet ETH nominally worth $177.6 million has been burned on Ropsten over the day since London’s deployment.
The high rate of Ether being burned on Ropsten has reignited discussion regarding whether EIP-1559 will render Ethereum deflationary — where more ETH is destroyed than new supply enters into circulation — and what this could mean for Ethereum’s price moving forward.
However, EIP-1559 is not the only upgrade that the community is looking forward to from London, with David Mihal of CryptoFees describing EIP-3074 as “fixing one of Ethereum’s most overlooked security issues” to do with approvals.
Coincidentally or not, crypto data aggregator, CryptoQuant, identified that 100,000 Ether had been deposited into Eth2's staking contract around the same time as the launch, worth roughly $200 million. CryptoQuant also noted that more than 5% of ETH’s supply is currently locked in staking worth approximately $11.75 billion.
Top Cryptocurrencies with Price Predictions
| # | Crypto | Prediction | Accuracy | CVIX | Price | 24h | 7d | Market Cap | 7d price change | |
| 1 |  BTC |
Bitcoin predictions | 74.4% | 54 | $68 221.63 | 1.27% | 2.38% | $1 346 132 518 889 |  |
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|---|---|---|---|---|---|---|---|---|---|---|
| 2 |  ETH |
Ethereum predictions | 76.8% | 47 | $3 277.70 | 0.62% | -6.01% | $394 072 124 681 |  |
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| 3 |  USDT |
Tether predictions | 95.6% | 1 | $1.000294 | 0.04% | -0.03% | $114 362 869 613 |  |
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| 4 |  SOL |
Solana predictions | 64.4% | 70 | $186.46 | 3.76% | 10.05% | $86 651 629 563 |  |
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| 5 |  BNB |
Binance Coin predictions | 77.6% | 42 | $588.60 | 1.71% | -0.56% | $85 893 706 101 |  |
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| 6 |  USDC |
USD Coin predictions | 90.8% | 1 | $1.000218 | 0.01% | 0.02% | $34 165 068 764 |  |
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| 7 |  XRP |
XRP predictions | 62.4% | 86 | $0.601322 | 0.08% | 1.60% | $33 650 519 304 |  |
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| 8 |  DOGE |
Dogecoin predictions | 72% | 55 | $0.135778 | 4.40% | 6.72% | $19 726 589 838 |  |
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| 9 |  TON |
Toncoin predictions | 83.6% | 31 | $6.74 | -0.27% | -8.09% | $16 954 582 289 |  |
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| 10 |  ADA |
Cardano predictions | 75.2% | 49 | $0.417851 | 0.74% | -4.48% | $15 002 527 040 |  |
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| 11 |  TRX |
TRON predictions | 86.4% | 18 | $0.137290 | 0.44% | 2.02% | $11 952 578 512 |  |
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| 12 |  AVAX |
Avalanche predictions | 77.6% | 38 | $28.70 | 1.64% | 1.95% | $11 330 467 420 |  |
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| 13 |  STETH |
Lido stETH predictions | 93.2% | 1 | $2 941.39 | -0.40% | -3.32% | $10 258 752 564 |  |
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| 14 |  SHIB |
SHIBA INU predictions | 84.4% | 30 | $0.000017 | 2.35% | -3.05% | $10 173 129 198 |  |
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| 15 |  WTRX |
Wrapped TRON predictions | 90.8% | 1 | $0.116354 | -0.46% | 0.23% | $10 171 995 609 |  |
