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July 09, 2021 @ 12:36 +03:00
The long-awaited London upgrade for the Ethereum network is edging closer as the code was deployed to the final testnet this week. The mainnet launch will occur at block 12965000 which puts the estimated date at August 4. The first block was produced on the Ropsten testnet on June 24, and the Goerli testnet deployed the hard fork on June 30. Rinkeby is the final testing phase before the mainnet goes live.
The London upgrade has been named after the second-annual Ethereum developer’s conference in 2015. It may take the network into a deflationary state through the adjustment of the current auction mechanism for network fees. The EIP will introduce a “base fee” instead of the existing first-price auction fee. According to Ethereum software solutions firm ConsenSys, in theory, the more transactions that occur, the more deflationary pressure that the burning of the base fee will have on the overall Ethereum supply.
Ethereum’s London hard fork, which will usher in the EIP-1559 upgrade, has now been scheduled for August 4 following the launch on the Rinkeby testnet on Thursday. Ethereum developer Tim Beiko posted the testnet update confirming that the code has now been successfully deployed to all three testnets.
Ethereum’s London upgrade deployed to final testnet ahead of August 4 fork, Cointelegraph, Jul 9