The long-awaited EIP-1559 upgrade is just 26 days away now. The long-awaited London upgrade for the Ethereum network is edging closer as the code was deployed to the final testnet this week. Ethereum’s London hard fork, which will usher in the EIP-1559 upgrade, has now been scheduled for August 4 following the launch on the Rinkeby testnet on Thursday.
Ethereum developer Tim Beiko posted the testnet update confirming that the code has now been successfully deployed to all three testnets.
The mainnet launch will occur at block 12965000 which puts the estimated date at August 4. The first block was produced on the Ropsten testnet on June 24, and the Goerli testnet deployed the hard fork on June 30. Rinkeby is the final testing phase before the mainnet goes live.
The London upgrade has been named after the second-annual Ethereum developer's conference in 2015. It may take the network into a deflationary state through the adjustment of the current auction mechanism for network fees. The EIP will introduce a “base fee” instead of the existing first-price auction fee. According to Ethereum software solutions firm ConsenSys, in theory, the more transactions that occur, the more deflationary pressure that the burning of the base fee will have on the overall Ethereum supply.
It will not necessarily reduce gas fees through the EIP-1559 update, however, as many had hoped. ConsenSys confirmed this in a guide to the upgrade posed last month, though they did suggest fees may ease slightly: “As a side effect of a more predictable base fee, EIP-1559 may lead to some reduction in gas prices if we assume that fee predictability means users will overpay for gas less frequently.”
The upgrade will see some of the transaction fees burned, which will have an effect on the supply of Ethereum over time. A website has been set up to see this mechanism in action on the various testnets. At the time of writing more than 89,000 ETH had been burnt on the testnets, nominally valued at approximately $185 million at current prices. The deflationary properties of the system may be amplified when the network switches from mining to proof-of-stake consensus in the latter half of 2022.
|#||Crypto||Prediction||Accuracy||CVIX||Price||24h||7d||Market Cap||7d price change|
|1||BTC||Bitcoin predictions||73.6%||51||$27 716.54||-1.82%||12.55%||$535 636 495 855|
|2||ETH||Ethereum predictions||82.8%||34||$1 755.09||-2.51%||5.91%||$214 776 666 177|
|3||USDT||Tether predictions||95.6%||1||$1.002644||0.08%||-0.01%||$77 641 115 939|
|4||BNB||Binance Coin predictions||74.8%||47||$324.28||-4.30%||2.71%||$51 200 109 142|
|5||USDC||USD Coin predictions||96%||2||$0.999666||0.09%||0.01%||$34 710 233 106|
|6||XRP||XRP predictions||87.2%||17||$0.430223||-7.21%||17.82%||$21 920 232 563|
|7||HEX||HEX predictions||59.6%||82||$0.122471||17.07%||52.82%||$21 237 782 043|
|8||ADA||Cardano predictions||74%||44||$0.363953||-4.28%||12.00%||$12 636 148 693|
|9||STETH||Lido stETH predictions||95.6%||1||$2 941.39||-0.40%||-3.32%||$10 258 752 564|
|10||DOGE||Dogecoin predictions||72.8%||57||$0.074806||-1.43%||6.59%||$9 924 596 389|
|11||MATIC||Polygon predictions||74.4%||51||$1.12||-3.14%||-0.40%||$9 779 730 336|
|12||SOL||Solana predictions||70.8%||54||$21.61||-3.84%||11.54%||$8 292 848 408|
|13||BUSD||Binance USD predictions||92%||1||$0.999732||-0.05%||-0.05%||$8 061 861 044|
|14||DOT||Polkadot predictions||73.6%||50||$6.15||-3.06%||3.23%||$7 193 674 767|
|15||LTC||Litecoin predictions||72%||58||$87.97||7.97%||12.03%||$6 381 945 113|
Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.
© 2015-2023 Crypto-Rating.com
The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.