A London tour guide: What the EIP-1559 hard fork promises for Ethereum
Contrary to popular belief, EIP-1559 does not seek to reduce Ether’s congestion and gas fee issues — so, what is it for? Ether (ETH) has been on a tear recently, with the premier altcoin’s value increasing from $1,800 to the peak of $2,480 since the start of April, showcasing a growth of nearly 30%. This latest wave of monetary momentum comes in the wake of Ethereum being on the receiving end of a lot of criticism regarding rising network congestion and transaction costs. To put things into perspective, since the second half of February, the average cost of facilitating transactions on the....
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Ethereum EIP-1559 recently went live on August 5th. The long-awaited London Hard Fork arrived just on time at block height 12,965,000. EIP-1559 represents a big step in the move to ETH 2.0. Following the launch, the price of Ethereum has soared in response. Over the past 24 hours, the price of ETH has jumped over […]
The London hard fork sets Ethereum up for a new era as ETH price continues to make gains alongside a positive community reaction. The London hard fork of Ethereum, which went live on Aug. 5, ushered in a new era for the transition to Ethereum 2.0, a complete proof-of-stake (PoS) blockchain. In fact, the London upgrade is the penultimate step on the way to the final transition to PoS scheduled sometime in 2022. The upgrade got triggered almost on time at 12:33 pm UTC at the block height of 12,965,000.Along with the highly anticipated Ethereum Improvement Proposal (EIP) 1559, this upgrade....
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 world’s second largest cryptocurrency, Ethereum (ETH), has just launched what may be their most impactful update yet. Consisting of five different components referred to as Ethereum Improvement Proposals (EIPs), the update aims mostly to change how transaction fees work. The ‘London Hard Fork,’ also known as EIP-1559, is the eleventh fork to occur on […]
Approximately 205 days ago, the Ethereum network upgraded via the London hard fork which implemented the packaged Ethereum Improvement Proposal (EIP) 1559. Since then, the EIP-1559 upgrade made it so a fraction of gas is destroyed during the transaction process and to date, 1,915,220 ether has been burned worth over $6.9 billion using today’s exchange rates. Ethereum Burn Rate Inches Closer to 2 Million Burned, 3.57 Ether Is Burned Every Minute The Ethereum (ETH) network has burned approximately 1,915,220 ethereum and the metric is nearing the two million mark. Since the EIP-1559....