Major Ethereum gas fee overhaul EIP-1559 scheduled for July
Users and investors delight as EIP-1559 is scheduled for July, but ETH miners are less than thrilled. A hotly awaited upgrade to the Ethereum network that may result in ETH becoming a deflationary asset is now scheduled for the “London” hard fork in July. Ethereum lead developer Tim Beiko previously teased that the decision would be made today two weeks ago, and proposed the inclusion on the Core Developers call today. There were no verbal objections. “We’re in a spot where the EIP is sound,” said Beiko on the call. “[...] We’re in a spot, I think, where it’s ready to be included in an....
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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....
Three Ethereum testnets now have a set date for the London hardfork, a key step towards a full mainnet implementation. The hotly anticipated “London” Ethereum hardfork now has a set block height for three Ethereum testnets — a key penultimate step towards a full mainnet launch.In a blog post on the Ethereum Foundation’s website, Ethereum core developer Tim Beiko wrote that the Ropsten, Goerli, and Rinkeby testnets now have set block heights at which London will go live, with Ropsten expected to be the first at block 10499401, or sometime on June 24th. Goerli is expected to be next on June....
The much-talked-about London upgrade has finally happened on the Ethereum network as ETH arguably moves closer to becoming a deflationary asset. The London hard fork arrived almost on schedule at 12:33 pm UTC on Thursday at block height 12,965,000, ushering in the Ethereum Improvement Proposal (EIP) 1559.With the upgrade triggered, Ethereum will now undergo a significant overhaul of the network’s transaction fee market and other parameters such as gas refunds among others. Under EIP-1559, each transaction on Ethereum will involve burning the base fee, which automatically decreases the....
In protest of the upcoming implementation of EIP-1559, some Ethereum miners are organizing to redirect hash power to a 1559-opposed pool for 51 hours. Some Ethereum miners are trying to drum up support for a demonstration of force to show their opposition to the impending implementation of EIP-1559.Amid the backdrop of ever-escalating Ethereum fees, the Ethereum Improvement Proposal seeks to replace the network’s existing bidding-based fee market with a fixed price and burn mechanism. However, EIP-1559 — which is scheduled to go live in July, will significantly impact the revenue of....
Ethereum options traders are placing big bets on an ETH rally in June as EIP-1559 approaches. The price of Ether (ETH) is continuing to rally, reaching $2,000 on Friday on the back of strong technical momentum following a high-profile announcement from Visa.As Cointelegraph previously reported on Sunday, Visa will allow its partners to use USD Coin (USDC) on the Ethereum blockchain network to settle transactions.ETH futures total open interest. Source: Bybt.comSince then, the interest in Ethereum across both futures and options markets is seeing an uptick, with the former approaching $7....