Ethereum network in a fee spin: Can the Berlin upgrade save the day?
The upcoming Berlin update contains EIPs aimed at reducing transaction costs, but it may not provide a long-term solution. Though Ether’s (ETH) value has continued to showcase increasing signs of stability around the $1,800 range over the past fortnight or so, users of the premier altcoin’s network have been faced with rising gas fees as well as increasing network congestion issues. To put things into perspective, since summer last year, a time when the DeFi boom was starting to peak, Ethereum’s network fees have more than doubled.While this fee increase quite directly relates to ETH’s....
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The mainnet launch, which is expected to take place on Apr. 14, incorporates four Ethereum Improvement Protocols. After months of planning, the Ethereum community has laid out a timeline for its upcoming Berlin upgrade, marking an important milestone in its development roadmap. Berlin is scheduled to go live on the Ethereum mainnet at block 12,244,000, or Apr. 14, Tim Beiko wrote on Monday. Ropsten, the first testnet to upgrade, is scheduled for Mar. 10. The Goerli and Rinkeby networks are expected to upgrade in one-week increments on Mar. 17 and Mar. 24, respectively. Ethereum node....
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....
The most anticipated upgrade since the inception of Ethereum was carried out on August 5th. The upgrade has already started burning coins. So far hitting over 3 ETH burned per minute in the last 24 hours. Following the upgrade has been Ethereum co-founder saying the upgrade shows the network can make significant changes. The success […]
The Ethereum Foundation has come clean about a security vulnerability first spotted in 2019 that could have brought the mainnet to a halt until the Berlin upgrade last month. The Ethereum Foundation has published a blog post outlining a potentially catastrophic vulnerability that could have resulted in the mainnet being brought down at a cost of less than five-figures up until the execution of the Berlin hardfork last month.A May 18 blog post describes the vulnerability as having posed “a severe threat against the Ethereum platform” until April’s upgrades allowed it to dodge the bullet.The....
Ethereum network is taking a big step toward a scalable PoS blockchain. Here is how the London and Berlin hard forks fit into the road to Ethereum 2.0. Ethereum (ETH) has enjoyed a good run so far in 2021, with its value increasing from about $1,300 at the beginning of the year, to nearly $4,000 in May. However, Ethereum’s price aside, consistent problems on the Ethereum blockchain have brought to light the anger of traders and decentralized application (DApp) developers on the Ethereum ecosystem. Lack of scalability and high gas fees are the main issues.As one of crypto’s biggest....