The famous EIP 1559, one of the most awaited updates of Ethereum, should finally be deployed on August 4th. This update is supposed to introduce a decrease in gas fees on each transaction, which should make these fees less volatile while making the number of ethers (ETH) scarce.
London update: the most anticipated crypto event of 2021
This crucial Ethereum update, which is part of the London update of the blockchain, has been proposed at block 12965000. Its activation on the mainnet is expected to take place between 13:00 and 17:00 (GMT) on August 4.
It is Tim Beiko, the key coordinator and head of development at ETH, who had already announced that the London hard fork had been successfully deployed on the testnet. It is still him who speaks to propose a launch time:
If anyone objects to this update, let them speak now or forever hold their peace!
It is in these terms, in the – assumed – way of a bad movie, that Tim Beiko addressed the community via Twitter. According to him, if no one objects to the choice of the block in the next 24 hours, the EIP-1559 “should” indeed arrive on August 4.
Towards a change in fees on Ethereum
As we had already discussed, the EIP 1559 should also facilitate the pricing of a transaction. Indeed, users of the network currently have to enter a quantity of GWEI and often end up paying too much for their transactions to succeed.
With this update, if the network sees enough activity, the destroyed fees (burn) could even exceed the issuance of new ethers, making ether a deflationary asset.
Once London has been shipped, the next step will be the merger phase of Ethereum 1.0 and 2.0. This event is expected to take place by early 2022, but EIP 1559 is already the subject of controversy among miners at the moment.
There are still questions about the effect that EIP 1559 will have on the market. In fact, there are still doubts about the real impact of this update on prices. In addition, there are still outstanding issues with Ethereum, such as the famous difficulty bomb once again defused by its developers.
