Ethereum (ETH), the second-largest cryptocurrency by market cap, is approaching one of the most significant updates to the EIP-1559 format with the London Hardfork. Github co-founder Anthony Sassano announced a tentative date for the Ethereum London hardfork implementation during a Twitter response. Sassano said the hard fork could start on August 4, but could be delayed by a week or two depending on different factors.
The mainnet date/block number for London (EIP-1559) is expected to be discussed and possibly announced at this weeks Ethereum Core Devs meeting (July 9th at 14:00 UTC).
— Anthony Sassano (🦇, 🔊) (@sassal0x) July 5, 2021
EIP-1559 was approved in March this year, despite miners’ reservations and promises to fix a longstanding gas fee issue on the Ethereum blockchain. The gas fee issue hit the ETH market at the height of its bull run, making many DEX protocols barely usable.
EIP-1559 is a proposal to make Ethereum transactions more efficient by using a hybrid system of base fees and tips to more evenly incentivize miners during periods of high and low network congestion. In the offer, the base fee is an algorithmically determined price you pay for a transaction on Ethereum.
ETH price surged over 12% last week and is currently trading above $2,200. ETH, which fell from its record price to $ 1,700 with the crypto money market that had collapsed since mid-May, managed to stay above $ 2,000 after a long effort. Many analysts believe that the recent green price momentum has been affected by the upcoming hard fork and the price may rise further towards the important update. The second-largest coin is now almost half behind the ATH level of $4,362, but on-chain metrics show it has a rising market demand with increasing adoption.