Think Ethereum is going to morph into a deflationary asset over night? Not so fast! Ethereum’s London upgrade is set to activate on Thursday, according to the countdown available on Ethereum.org. “The London upgrade is scheduled to go live on Ethereum in August 2021, on block 12,965,000,” Ethereum.org reads. “It will introduce EIP-1559, which reforms the transaction fee market, along with changes to how gas refunds are handled and the Ice Age schedule.”
Ethereum Improvement Proposal 1559, or EIP-1559, will directly affect how the network handles transaction fees. Going forward, each transaction will burn a base fee, thereby decreasing the asset's circulating supply and giving users the option of including a tip to help incentivize speedier confirmations proportionate to network demand. The London fork will also introduce other EIPs, such as EIP-3541, according to a blog post from the Ethereum Foundation in mid-July.
Twitter user korpi pointed out a number of notable points regarding EIP-1559 in a tweet thread on Monday. “What everyone is excited about is $ETH burn,” korpi said in the tweet thread after discussing a number of other points regarding the Ethereum upgrade. Korpi added: “After EIP-1559, part of the transaction fee is burned and removed from circulation. But it doesn't mean that ETH immediately becomes a deflationary asset. For that to happen, ETH burned must be higher than ETH issued in block rewards.”
Ethereum’s London hard fork is part of its Ethereum 2.0 journey — which will ultimately change the network's consensus algorithm from proof-of-work, or PoW, to proof-of-stake, or PoS.
# | Crypto | Prediction | Accuracy | CVIX | Price | 24h | 7d | Market Cap | 7d price change | |
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Bitcoin predictions | 90.8% | 9 | $27 072.74 | -0.31% | -0.57% | $524 998 864 858 | ||
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Ethereum predictions | 90% | 5 | $1 894.87 | -0.29% | 2.21% | $227 827 686 185 | ||
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Tether predictions | 95.6% | 1 | $1.000237 | -0.01% | -0.01% | $83 172 174 121 | ||
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Binance Coin predictions | 91.2% | 3 | $306.06 | -0.12% | -0.96% | $47 701 185 151 | ||
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USD Coin predictions | 96% | 1 | $0.999884 | -0.01% | -0.02% | $28 901 071 500 | ||
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XRP predictions | 74.4% | 45 | $0.522198 | -0.25% | 10.27% | $27 147 495 980 | ||
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Cardano predictions | 90% | 5 | $0.378860 | 0.52% | 1.56% | $13 220 010 862 | ||
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Lido stETH predictions | 96% | 1 | $2 941.39 | -0.40% | -3.32% | $10 258 752 564 | ||
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Dogecoin predictions | 90% | 10 | $0.072655 | 0.32% | -0.38% | $10 144 189 079 | ||
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Solana predictions | 83.6% | 26 | $21.27 | 0.60% | 3.64% | $8 443 365 511 | ||
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Polygon predictions | 85.6% | 24 | $0.903134 | 0.55% | -2.81% | $8 380 602 516 | ||
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Wrapped TRON predictions | 74.8% | 41 | $0.081699 | -2.02% | 5.66% | $8 306 858 508 | ||
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TRON predictions | 78.4% | 46 | $0.081792 | -2.14% | 5.52% | $7 377 081 997 | ||
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Litecoin predictions | 76.4% | 43 | $95.39 | 0.78% | 5.98% | $6 970 331 292 | ||
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Polkadot predictions | 92.4% | 7 | $5.34 | 1.40% | -0.79% | $6 358 029 850 |
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