{"id":315478,"date":"2021-08-05T15:37:29","date_gmt":"2021-08-05T12:37:29","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/ethereum-london-hard-fork-goes-live\/"},"modified":"2021-08-05T15:37:29","modified_gmt":"2021-08-05T12:37:29","slug":"ethereum-london-hard-fork-goes-live","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/ethereum-london-hard-fork-goes-live\/","title":{"rendered":"# Ethereum London hard fork goes live"},"content":{"rendered":"

“# Ethereum London hard fork goes live <\/strong>”
\n<\/p>\n

The London hard fork arrived almost on schedule at 12:33 pm UTC on Thursday at block height 12,965,000, ushering in the Ethereum Improvement Proposal (EIP) 1559.<\/p>\n

With the upgrade triggered, Ethereum\u00a0will now undergo a significant overhaul of the network\u2019s transaction fee market and other parameters such as gas refunds among others. <\/p>\n

Under EIP-1559, each transaction on Ethereum will involve burning the base fee, which automatically decreases the Ether (ETH) circulating supply. Several exchanges, including Binance<\/a>, announced a temporary pause to deposit and withdrawals on the Ethereum network due to the London hard fork.<\/p>\n

Some proponents of the upgrade say it will catapult Ether to becoming a deflationary asset, as each transaction will trigger a portion of the total coin supply to be removed from circulation forever.<\/p>\n

As previously reported by Cointelegraph, Ethereum co-founder and ConsenSys founder Joseph Lubin described the London upgrade as a part of a journey toward making Ether become \u201cultrasound money.\u201d<\/p>\n

The London upgrade and the subsequent activation of EIP-1559 is a mile marker of sorts in the transition to Ethereum 2.0, which will move the network from a proof-of-work consensus to a proof-of-stake consensus.<\/p>\n

After the London upgrade engineers block elasticity and overhauls the transaction fee market, the Shanghai hard fork scheduled to happ<\/a>en later in the year will be the next focus point on the agenda.<\/p>\n

Related: <\/em><\/strong>Ethereum\u2019s London, Berlin and Shanghai forks and their role in Serenity<\/em><\/strong><\/p>\n

The excitement surrounding the upgrade has coincided with a steady increase in the ETH spot price. With a price hovering around $2,610 at publication time, the second-largest crypto by market capitalization is at its highest price level since early June.<\/p>\n

Ether clocked an all-time high above $4,200 back in mid-May right before the crypto price crash that saw Bitcoin (BTC) lose about 50% and altcoins declining by over 70% on average.<\/p>\n