Ethereum
Ethereum core developers schedule London hard fork and EIP-1559 for July 14
The Ethereum network is set to deploy the London hard fork on July 14, introducing a fee-burning mechanism projected to eliminate thousands of ETH daily.
Ethereum core developer Tim Beiko announced that the London hard fork, which incorporates the EIP-1559 proposal, is targeted for deployment by July 14. In addition to EIP-1559, the upgrade will include EIP-3198 to initiate base fees, EIP-3238 to delay the network's difficulty bomb, and another proposal aimed at gas fee refunds.
Under EIP-1559, transaction base fees will be burned rather than paid entirely to miners, which is estimated to remove roughly 6,000 to 6,500 ETH from circulation daily based on prevailing activity levels. Analysts cited in the piece suggest that reducing the circulating supply alongside assets already locked in decentralized finance and staking contracts could create strong upward pressure on token valuations.
The London upgrade precedes the broader Ethereum 2.0 transition to proof-of-stake, sharding, and the Ethereum WebAssembly execution environment. The rollout began with Phase 0 in December 2020, followed by Phase 1 for data sharding, before Phase 2 completes the transition and merges the existing execution layer into the new chain.
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