Ethereum London Upgrade Confirmed, EIP-1559 Going Live in Less Than 3 Weeks
Ethereum Foundation announced on Friday that block 12,965,000 had been finalized for the London Upgrade to go live, which puts its launch date in the first week of next month, between August 3-5, 2021.
With its testnet deployment successful, the London upgrade is now ready to be activated on the Ethereum mainnet, it said.
At the current gas limit, the PoW chain would be deflationary with a baes fee of ~150 gwei (133 for block rewards, and some buffer for uncle rewards).
On PoS, with the current daily issuance (~1100 ETH), the chain would be deflationary at ~11 gwei. https://t.co/ODuf4npNt0
— Tim Beiko | timbeiko.eth 🦇🔊 (@TimBeiko) July 15, 2021
So, the EIP 1559 is what the community is most excited about, which will burn the base fee and effectively make ETH a “deflationary asset” that could potentially lead to price increases.
These changes will be activated at this specific block number – 12,965,000.
Try to be bearish ETH after looking at this pic.twitter.com/zQDPOzltEu
— RYAN SΞAN ADAMS – rsa.eth 🦇🔊 (@RyanSAdams) July 16, 2021
To be fully prepared for the big day and get more people involved in the changes coming in the highly anticipated London upgrade, Ethereum foundation is doubling all bounties for vulnerabilities related to the upgrade.
As an Ethereum user or holder, one is not required to do anything unless your exchange or wallet service provider asks you to take additional steps. Beware of any scams here.
To be compatible with the upgrade, node operators need to upgrade their client versions which are different from the ones that supported it on the testnet.
Miners are required to manually change their gas limit target to twice the current one as once the London upgrade is live, the block size will be doubled, and EIP-1559 will keep blocks about 50% full, it said.
If a miner or node operator does not participate in the upgrade, they will be stuck on an incompatible chain following the old rules and won’t be able to send Ether or operate on the post-upgrade Ethereum network.
After all, “Network upgrades in a blockchain require cooperation and communication with the community, as well as with the developers of the various Ethereum clients in order for the transition to go smoothly.”