Ethereum's London upgrade deployed to final testnet ahead of August 4 fork
London fork, the long-awaited upgrade for the Ethereum network is edging closer as the code was deployed to the final testnet.
Ethereum’s London hard fork, ushering 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.
And we are live https://t.co/a5blKgbZym— Tim Beiko | timbeiko.eth (@TimBeiko) July 8, 2021
All three testnets have now successfully upgraded to London
Note: because of OpenEthereum being deprecated after London, a block hasn't been set for Kovan yet, and it will likely upgrade after mainnet. https://t.co/rCnLDMjxZj
The mainnet, at block number 12965000, is estimated to launch on August 8. 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 upgrade has been named after the second-annual Ethereum developer's conference in 2015, in London.
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.
The upgrade is not going to necessarily reduce gas fees through the EIP-1559 update as many had expected.
According to ConsenSys, the more transactions that occur, the more deflationary pressure that the burning of the base fee will have on the overall Ethereum supply. ConsenSys confirmed this in a guide to the upgrade posed last month, though they did suggest fees may ease slightly.
The upgrade will see some of the transaction fees burned, which will have an effect on the supply of Ethereum over time. A website dubbed Watch The Burn has been set up to see this mechanism in action on the various testnets.
There are over 89,000 ETH had been burnt on the testnets, nominally valued at approximately $185 million at current prices.