Ethereum’s new milestone mainnet London upgrade officially arrives

This week, the highly anticipated ethereum mainnet London upgrade will be officially activated at block 1,2965,000 (expected on August 5).

Ethereum's new milestone mainnet London upgrade officially arrives

Previously, the three Ethereum testnets Ropsten, Goerli, and Rinkeby have all successfully activated the London upgrade, while the testnet Kovan will be upgraded after the Ethereum mainnet is upgraded.

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. After EIP-1559 is activated, the calculation method of Ethereum’s GAS fee will be converted to basic fee plus tip, and the basic fee will be directly destroyed by the system, and miners will no longer receive the basic fee. This will reduce the circulation of ETH to a certain extent and increase The ecological value of Ethereum, but whether it can fundamentally solve the problems of congestion and high gas fees, it will take time to verify. EIP-3554 mainly involves delaying the time of difficulty bombs. The difficulty bombs have been delayed three times before and are currently tentatively postponed to December 1, 2021. Among other EIPs, EIP-3198 was implemented to assist EIP-1559, with the purpose of returning the basic fee of the current block. After the implementation of EIP-3541, the network will reject new smart contracts starting with 0xEF, and existing smart contracts will not be affected. EIP-3529 modified some operation codes to refund GAS.

It should be noted that node operators need to upgrade the client version they are running to achieve compatibility with the London upgrade. The following client versions support the London upgrade of the Ethereum mainnet. The client version of the testnet does not support the London upgrade of the mainnet. Client version.

Ethereum's new milestone mainnet London upgrade officially arrives

In addition, the Ethereum storage project Swarm will distribute ColinList public offering and airdrop tokens around August 2nd. A total of more than 5,000 nodes have been selected as trusted nodes, and other nodes that meet the conditions can also receive 0.1 BZZ rewards. The purpose of this airdrop is not only to reward node operators who help run the testnet, but also to allow more people to interact with data on the mainnet.

In terms of supervision, Binance’s adjustment of the withdrawal limit for the first batch of old users will take effect. After users complete the identity verification, the daily withdrawal limit will be increased from 0.006 BTC to 100 BTC. Since Binance was investigated by the U.S. Department of Justice and the Internal Revenue Service on May 13, Binance has been investigated or warned by regulatory agencies in six countries including Japan, the United Kingdom, and Thailand. In addition, many financial institutions have restricted their payment services and are deeply trapped in the world. In the regulatory whirlpool. Binance also responded to this round of regulatory turmoil, including launching an online tax declaration API and limiting the leverage of new users. CEO Changpeng Zhao also responded that he would continue to develop an international compliance team and cooperate with regulatory agencies.

In addition, Google will lift the advertising ban on cryptocurrency exchanges and wallets that meet the conditions and are certified by Google from August 3rd. However, advertisements related to initial coin offerings (ICO) and transactions still cannot be published. A Google spokesperson said the move is to better match the existing financial crime law enforcement network supervision and requirements.

List of other key events

August 2

  • Coca-Cola and Tafi co-launched the first NFT collection auction ended
  • MakerDAO plans to launch a delegated governance voting function. Users can delegate MKR tokens to “your delegate” for governance voting
  • Former senior policy executive of Chainalysis, Jesse Spiro, will officially join PayPal to be responsible for encryption supervision
  • Decentralized synthetic asset agreement UMA updates the developer’s mining plan
  • Lithium Finance, a private asset data oracle protocol, will announce the address list of this IDO through KYC

August 3

  • Artificial intelligence blockchain project Fetch.ai mainnet will open the pledge function of Mobix tokens
  • Investment management platform Titan plans to launch its cryptocurrency products
  • Game ecosystem platform Seascape sells zombie blind boxes on Binance NFT platform

August 4

  • Nervos and Gitcoin officially launch a $50,000 developer bounty program
  • The new version of the Ethereum client OpenEthereum joins the mainnet London to upgrade the block height
  • Brazilian crypto asset management company Hashdex launches Bitcoin ETF aimed at neutralizing carbon emissions

August 5

  • Chainlink Hosts SmarCon #1 Smart Contract Summit
  • Lithium Finance, a private asset data oracle protocol, conducted IDO on Polkastarter and launched the “Pre-Staking Rewards” program on the same day.

August 6

  • The art exhibition jointly initiated by NDG Digital Gallery and the crypto artist community Stratosphere DAO ends

August 7

  • CoinList will provide pledge support for EGL, the protocol that determines Ethereum Gas Limit through governance

 

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