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 | 83.2% | 32 | $44 191.65 | 2.28% | 14.09% | $864 601 373 120 | ||
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Ethereum predictions | 77.2% | 36 | $2 384.27 | 1.22% | 13.64% | $286 631 337 595 | ||
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Tether predictions | 96% | 1 | $1.000286 | 0.02% | -0.01% | $90 361 522 312 | ||
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XRP predictions | 81.6% | 28 | $0.691977 | 7.73% | 12.59% | $37 337 342 228 | ||
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Binance Coin predictions | 85.2% | 18 | $244.21 | 4.75% | 6.78% | $37 045 963 060 | ||
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Solana predictions | 80.8% | 38 | $77.33 | 7.81% | 24.47% | $32 939 078 279 | ||
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USD Coin predictions | 90.8% | 1 | $0.999988 | -0.01% | 0.01% | $24 499 538 291 | ||
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Cardano predictions | 81.2% | 37 | $0.621468 | 30.58% | 60.61% | $21 949 609 212 | ||
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Dogecoin predictions | 74.4% | 53 | $0.104135 | 6.51% | 24.05% | $14 803 690 586 | ||
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Avalanche predictions | 75.6% | 50 | $32.83 | 21.42% | 48.15% | $12 006 820 565 | ||
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Lido stETH predictions | 96% | 1 | $2 941.39 | -0.40% | -3.32% | $10 258 752 564 | ||
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TRON predictions | 94% | 7 | $0.108469 | 2.71% | 4.89% | $9 596 597 053 | ||
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Chainlink predictions | 77.6% | 38 | $17.23 | 7.97% | 9.25% | $9 592 622 058 | ||
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Wrapped TRON predictions | 90.4% | 7 | $0.107924 | 2.30% | 4.39% | $9 548 377 600 | ||
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Polkadot predictions | 78% | 38 | $7.54 | 20.76% | 36.96% | $9 456 502 227 |
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