Ethereum London upgrade countdown 26 hours, market volatility may increase

On August 5, block 12,965,000.

The much-watched Ethereum London upgrade has finally entered the final countdown.

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The London upgrade mainly includes 5 EIPs, namely EIP-1559, EIP-3198, EIP-3529, EIP-3541 and EIP-3554. Among them, EIP-1559 and EIP-3554 have a greater impact. EIP-1559 activates the Ethereum GAS fee calculation method to be converted into basic fees plus consumption, and the basic fees will be directly destroyed by the system, and the miners will no longer receive the basic fees. This will reduce the circulation of ETH to a certain extent and increase the amount of Ethereum. Ecological value, but whether it can fundamentally solve the problems of congestion and high gas fees, it will take time to seriously. EIP-3554 is mainly related to the delay of the difficulty bomb time, which is tentatively postponed to December 1, 2021.

Approaching the upgrade, they expressed some of their opinions.

Bloomberg recently reported that the Ethereum London upgrade will reduce the speed of ETH supply by destroying some of the tokens (approximately 25-75%) of the 13,000 new ETH (gas fee paid to miners) issued every day. , Is expected to push up the price of ETH. This will reduce the annual supply of ETH by approximately 4%. After the transition to a new transaction verification mechanism next year, the supply may drop further.

Kyle Samani, co-founder of investment company Multicoin Capital, said: The London upgrade is one of the most interesting and important upgrades in the history of Ethereum . By reducing the supply of tokens, it can increase scarcity and increase prices.

Dan Morehead, the founder of Pantera Capital and also known as the master of crypto investment, stated in the Reuters Global Market Forum on Monday that the upcoming London upgrade will help Ethereum catch up with Bitcoin and make Ethereum more like a fixed asset. . “We will see the transformation of people. They will also use ETH to store wealth, not just Bitcoin.” In addition, Dan Morehead also said that the upgrade of Ethereum to 2.0 will significantly reduce mining energy consumption. . The widespread adoption of Ethereum DeFi will also make it larger than Bitcoin. Although Dan Morehead believes that the future of Ethereum is brighter than that of Bitcoin , he is also optimistic about the future development of Bitcoin. He believes that by the end of 2021, the price of BTC can reach US$80,000 to US$90,000, and it will reach US$120,000 in one year.

As an exchange, BitMEX issued an announcement regarding the upcoming London hard fork upgrade of the Ethereum network. The announcement stated that ETH-related contracts and indexes will be open for trading during the London upgrade period. However, if any exchanges in the ETH index component plan to suspend the spot trading market of ETH, BitMEX will be removed from the index during the suspension period of the trading market. Remove this ingredient . At the same time, BitMEX stated that during this period of time, market volatility may increase, traders should manage their own risks, and BitMEX reserves the discretion to adjust and update the affected index within a short period of time to protect the stability and integrity of the market .

According to data from ethernodes, the number of Ethereum clients that have completed preparations for the upgrade of Ethereum London and EIP-1559 is 1,148, accounting for 70%, including: Geth (759), Openethereum (313), and Erigon ( 71), Nethermind (4), Besu (1); the number of Ethereum clients that are not yet ready for the entire network is 493, accounting for 30%.

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Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/ethereum-london-upgrade-countdown-26-hours-market-volatility-may-increase/
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