London hard fork launched on main Ethereum testnets

Get real time updates directly on you device, subscribe now.

The London hard fork has been activated on the main Ethereum testnets. This was announced by the developer Tim Beiko.

The Ropsten and Goerli testnets were updated on June 24 and 30, respectively, the Rinkeby network on July 8. Beiko noted that due to the problems of the OpenEthereum client, which will be decommissioned after the implementation of London, the hard fork in the Kovan test network is likely to be activated after the mainnet.

London update includes controversial EIP-1559, which involves the burning of part of the transaction fees and helps to reduce the volatility of the gas price.

The proposal received support from developers and users, but divided the miners into two camps. His opponents wanted to concentrate more than 51% of the network’s computing power in the Ethermine pool, but their attempt failed.

London will be the second-in-a-row hard fork on the Ethereum network to address issues related to miners’ fees. In mid-April 2021, the second cryptocurrency on the mainnet activated the Berlin update, which included two EIPs aimed at changing the cost of gas.

According to The Block Research, Berlin’s activation led to a change in the prices of opcodes, which reduced the likelihood of a DoS attack and the cost of some operations. The last statement is true only when working with pre-compiled contracts, since some actions with existing opcodes have only increased in price.

At the same time, EIP-2929 increased the cost of the SLOAD operation and a number of other opcodes that require interaction with hard drives almost threefold.

After the activation of Berlin, the revenues of Ethereum miners in May reached a record $ 2.39 billion.However, in June, the figure decreased by 53% and amounted to $ 1.1 billion.This is due to a sharp decrease in receipts from transaction fees, which fell from $ 1.04 billion to $ 165 , 8 million

The average gas price on the Ethereum network is at around 27 Gwei (~ $ 1.04), according to Etherscan. At the same time, most of the resource is consumed by operations on the Uniswap decentralized exchange and transactions with the stablecoin Tether (USDT).

Data: Etherscan.

According to The Block, in the first week of July, Ethereum miners earned $ 247.76 million, of which $ 38.1 million came from transaction fees.

At the time of writing, the second cryptocurrency is trading at $ 2,175. Over the past 24 hours, the price of the asset has decreased by 8.5%, according to CoinGecko.

Recall that Tim Beiko proposed to activate the London hard fork on the Ethereum mainnet on block # 12965000, expected on August 4.

Get real time updates directly on you device, subscribe now.

Leave A Reply

Your email address will not be published.