Ethereum’s London Hard Fork to Be Implemented in August

Divya  |  Jul 6, 2021

Anthony Sassano, the founder of Ethereum(ETH) information aggregator EthHub, tweeted that he expects the mainnet date for the London hard fork upgrade to be discussed at this week’s meeting of core contributors. He also speculated that the update could be implemented by August 4, although it could be pushed for a week or two owing to various factors.

London Hard Fork to Be Discussed at Ethereum’s Core Devs Meeting

Sassano posted on Twitter that the highly anticipated London hard fork upgrade, which includes the EIP 1559 proposal, could be discussed at this week’s Ethereum Core Devs meeting, scheduled on July 9. The meeting is a bi-weekly technical call that brings together Ethereum’s protocol contributors.

In a further comment, Sassano wrote that he expected the upgrade to be implemented by August 4. However, he also pointed out that it might get postponed for a week or more based on various factors.

Ethereum’s London update is a hard fork that contains two proposals -- EIP-1559 and EIP-3238. These proposals will overhaul Ethereum’s transaction fee system and make adjustments to its consensus system. The most significant improvement will be a shift to the proof of stake model leading into Ethereum 2.0, which will make ETH mining more eco-friendly, although it would also reduce the profits miners receive.

CryptoQuant Reveals Ethereum’s Supply on Exchanges at Historic Low

According to analytics firm CrptoQuant, Ethereum’s supply across all major exchanges has dropped to a 2.5 year low. The company shed light on the fact in a tweet with an accompanying chart to explain the circulation.

In response to CryptoQuant’s findings, crypto trader and analyst Willy Woo suggested two factors that could have fuelled the decline in Ether’s supplies. The first among them is the rise of decentralized finance(DeFi) exchanges such as UniSwap, where thousands of users are locking their Ether holdings. The second, he opined, is the increased amount of ETH being staked by validators into the Ethereum 2.0 deposit contract.

As per Twitter account @eth2validators, a staggering total of 6,090,242 ETH has been locked into Ethereum’s 2.0 contract to date. At current prices, this amount is equivalent to more than $13 billion.

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