Ethereum Community Gears up for the Long-Awaited London Fork Set to Go Live on August 5

Ethereum Dec 15, 2022 0 72 Add to Reading List

The Ethereum community has been gearing up for the highly anticipated London Network Upgrade which should take place on August 5 around 9:00 a.m. (EDT). Node operators have been asked to upgrade their nodes as soon as possible, as the upgrade is scheduled to take place at block height 12,965,000.

Ethereum Set to Fork on Thursday, Blockchain Will See 5 Improvements

According to the countdown clock hosted on etherscan.io, the Ethereum (ETH) blockchain will be upgraded in the near future, on or around Thursday afternoon. Previously, Bitcoin.com News reported on the London upgrade on July 9, 2021, and at the time it was estimated block 12,965,000 would fall on or around August 4.

The “London Mainnet Announcement” was revealed by Tim Beiko when the developer wrote a summary about the upgrade via the official Ethereum blog.

With the countdown clock ticking down, the Ethereum fork should take place on Thursday on or around 9:00 a.m. (EDT), depending on how long it takes to process more than 5,000 ETH blocks. The London hard fork includes a total of five Ethereum Improvement Proposals (EIPs). The EIPs included in tomorrow upgrade include:

Ethereum Markets See a Streak of Daily Gains

Prior to the upgrade, ETH has managed to jump over 8% in value on August 4, and weekly statistics show ETH is up over 15% on Wednesday. 30-day statistics show ethereum (ETH) has gained 21% but the crypto asset is only up 10% during the trailing 90 days. Ethereum prices have managed to gather well over a week of daily gains prior to the fork.

When the community discusses the London hard fork, usually it is said that the most significant changes added to the blockchain will include EIP-1559 and EIP-3554. EIP-1559 will change Ethereum’s fee rate to a new scheme that makes the crypto asset ether deflationary. While EIP-3554 adjusts the Ethereum miner difficulty bomb to ease the transition from proof-of-work (PoW) to proof-of-stake (PoS).

On Thursday there will be an Ethereum London Upgrade community call and an Ethstaker live watch call as well.