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Ethereum’s Hotly Anticipated ‘London’ Hard Fork Is Now Live
At 12:34 UTC, at Block 12,965,000, Ethereum’s latest hard fork upgrade, dubbed “London,” officially activated on the network. This latest backward-incompatible hard fork also marked the rollout of five new Ethereum Improvement Proposals (EIPs). EIPs 1559, 3554, 3529, 3198, 3541 are code upgrades that aim to improve the Ethereum network’s user experience, value proposition and more. It is fair to say that the London hard fork has received more media attention than previous upgrades. The growth of crypto markets throughout 2021 has helped bring Ethereum to the forefront of the news, and investors are interested ... (full story)
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Here’s how much ETH has already been burned due to EIP-1559
Ethereum’s London hard fork has gone live and its effects are already underway. The network upgrade included a specific improvement called EIP-1559, which was designed to simplify how transaction fees are paid. But part of the new mechanism involves burning a portion of the transaction fees, removing them from the circulating supply of coins. And while new ether (ETH) is being issued every block, this reduction in supply is helping to counter that — effectively reducing the network’s rate of inflation. And so far, 213 ETH has already been burned, at a value of $559,000 — according to block explorer ... (full story)
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