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 | |
1 | BTC | Bitcoin predictions | 79.6% | 29 | $60 936.15 | -1.11% | -13.80% | $1 199 626 004 438 | ||
---|---|---|---|---|---|---|---|---|---|---|
2 | ETH | Ethereum predictions | 74.4% | 42 | $2 947.17 | -1.61% | -16.08% | $353 876 809 393 | ||
3 | USDT | Tether predictions | 91.2% | 1 | $1.000258 | 0.02% | 0.01% | $109 497 842 416 | ||
4 | BNB | Binance Coin predictions | 84.4% | 22 | $533.96 | -1.56% | -12.87% | $79 819 328 925 | ||
5 | SOL | Solana predictions | 72.4% | 49 | $131.68 | -1.57% | -24.05% | $58 836 253 332 | ||
6 | USDC | USD Coin predictions | 95.2% | 2 | $0.999982 | 0% | -0.01% | $33 065 690 115 | ||
7 | XRP | XRP predictions | 71.6% | 52 | $0.476037 | -4.05% | -21.93% | $26 243 535 388 | ||
8 | TON | Toncoin predictions | 69.6% | 61 | $6.40 | 4.47% | -12.38% | $22 208 130 729 | ||
9 | DOGE | Dogecoin predictions | 68.4% | 60 | $0.142893 | -3.65% | -27.16% | $20 568 529 190 | ||
10 | ADA | Cardano predictions | 68.8% | 57 | $0.432777 | -3.37% | -26.48% | $15 417 526 676 | ||
11 | SHIB | SHIBA INU predictions | 57.2% | 85 | $0.000021 | -4.32% | -22.65% | $12 575 600 925 | ||
12 | AVAX | Avalanche predictions | 67.6% | 63 | $32.60 | -4.19% | -29.85% | $12 321 369 966 | ||
13 | STETH | Lido stETH predictions | 95.2% | 1 | $2 941.39 | -0.40% | -3.32% | $10 258 752 564 | ||
14 | WBTC | Wrapped Bitcoin predictions | 81.6% | 32 | $60 723.61 | -1.48% | -14.00% | $9 435 462 011 | ||
15 | TRX | TRON predictions | 90.4% | 15 | $0.106087 | -3.33% | -12.46% | $9 294 409 504 |
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