As per the latest reports, the London Upgrade for Ethereum has now been deployed successfully. The report suggests that the Ethereum (ETH) London Upgrade has been deployed on the Ropsten testnet. The Ropsten testnet was one of the highly anticipated improvements that the users expected to see.
During its development work, it was called the Ethereum Improvement Proposal (EIP) 1559. It was set to deal with many problems and issues that the users have been facing with the Ethereum (ETH) network for the past couple of years.
According to reports, the Ropsten testnet for London was launched back on June 24, 2021. Following the launch, more testnets are set to be launched that are three in number. The names of these particular testnets are Kovan, Rinkeby, and Goerli for Ethereum. As scheduled, these testnets will be deployed at weekly intervals.
Once that happens, the Ethereum (ETH) community is expecting that the mainnet date for the Ethereum Improvement Proposal (EIP) 1559 would become more firm and clearer. Once the testnets are successfully deployed, the next step would be the deployment of the mainnet.
If the deployments go as planned, the mainnet for the EIP 1559 may take place by the end of the third quarter of 2021.
Once the upgrade has been deployed, the fees for the transactions would be burned significantly. The development team has also launched a website for the trading of the EIP-1559. Through the website, the users can keep a track of the deployment of the testnets as well as the mainnet.
The users would be able to watch the upgrade burn the fees through live tracking. So far, the Ropsten testnet for Ethereum has burned $177.6 million ever since it has been deployed.
Following the deployment of the Ropsten testnet and burning of Ethereum (ETH), a new discussion has been reignited. The discussion is surrounding the high amount of burn being demonstrated by the Ropsten testnet. Many are talking about the high number of ETH being burned by the EIP-1559.
It is being discussed that many are claiming that the burning rate of ETH would be much higher than the new ETH supply entering the blockchain. If it continues happening, it could impact the burn rate of Ether (ETH) at a large scale.
The report shows that as a result of the deployment, a minimum of 700 ETH will be burned per day. When it comes to annual calculation, the ETH burn would be 250000.
However, the Ethereum Improvement Proposal (EIP) 1559 is not the only upgrade that the Ethereum (ETH) users are expecting. Apart from the EIP-1559, the EIP-3074 is also being anticipated by the Ethereum (ETH) enthusiasts.
The particular EIP-3074 is set to offer a great fix for the security issues currently being experienced in the Ethereum (ETH) blockchain. The EIP-3074 is set to make a huge difference in the security approvals of the Ethereum network.