The Ethereum London upgrade will be deployed to the final testnet before the fork on August 4

The long-awaited EIP-1559 upgrade now has only 26 days left.

With the code being deployed to the final testnet this week, the long-awaited London upgrade of the Ethereum network is coming.

The London hard fork of Ethereum will usher in the EIP-1559 upgrade. Following the launch of the Rinkeby testnet on Thursday, it is currently scheduled to be released on August 4.

Ethereum developer Tim Beiko released a testnet update, confirming that the code has now been successfully deployed to three testnets.All threetestnets have now successfully activated the London upgrade. Note: Since OpenEthereum was deprecated after the London upgrade, Kovan has no blocks yet, and it may be upgraded after the mainnet. https://t.co/rCnLDMjxZj-TimBeiko | timbeiko.eth (@TimBeiko) July 8, 2021

The mainnet will be released at the block height of 12965000, and the expected release date is August 4. The Ropsten testnet produced its first block on June 24, and the Goerli testnet deployed a hard fork on June 30. Rinkeby is the final testing stage before the mainnet launch.

The London upgrade is named after “London” where the second annual Ethereum Developers Conference was held in 2015. By adjusting the existing network fee auction mechanism, the network may enter a deflationary state. EIP will introduce “basic fees” instead of the existing first-price auction fees. According to Ethereum software solutions company ConsenSys, in theory, the more transactions that occur, the greater the deflationary pressure on the overall supply of Ethereum from the consumption of basic fees.

However, the EIP-1559 upgrade may not reduce gas costs as many people wish. ConsenSys confirmed this in the upgrade guide released last month, but they also stated that the fee may be slightly lower:”As a result of a more predictable basic cost, if we assume that the predictability of the cost means that users will pay less and overpay for gas, then EIP-1559 may result in a drop in gas prices.”

This upgrade will consume part of the transaction fees, which will have an impact on the supply of Ethereum. A website that can check the operation of this mechanism on various testnets has been established. As of the time of writing, more than 89,000 ETHs were destroyed on the testnet, with a nominal value of approximately US$185 million at current prices.

When the Ethereum network shifts to the proof-of-stake consensus in the second half of 2022, the deflationary nature of the system may be amplified.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/the-ethereum-london-upgrade-will-be-deployed-to-the-final-testnet-before-the-fork-on-august-4/
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