Find News

Ethereum’s London Hard Fork (With EIP-1559) Is Expected to Go Live on July 14

Key highlights:

  • The London hard fork is expected to go live on the Ethereum mainnet on July 14
  • London will implement 4 Ethereum Improvement Proposals, including the controversial EIP-1559
  • After London, developers will start working on a fork called Shanghai

Ethereum’s London hard fork expected for July 14

Ethereum’s London hard fork is expected to happen on July 14, according to a discussion held by Ethereum core developers on April 23. Ethereum developer Tim Beiko also summarized the main points from the meeting in a Twitter thread.

The London hard fork will implement 4 Ethereum Improvement Proposals (EIPs): EIP-1559, EIP-3198, EIP-3238, and likely an upcoming EIP that will address gas refunds for the SSTORE and SELFDESTRUCT functions. 

The most controversial of these changes is EIP-1559, which will bring some fundamental changes to Ethereum’s fee market. 

Under EIP-1559, the base ETH fee users pay for transactions will be burned instead of going to miners. Users will be able to include an optional tip for miners in order to have their transaction processed faster. EIP-1559 should improve the user experience, as users won’t have to manually adjust gas fees in most cases. Wallets will be able to provide much better estimates to users, which will mitigate the problem of users overpaying for transactions. Since the base transaction fees will be burned, EIP-1559 will also counteract some of the inflationary pressure on the ETH supply.

EIP-1559 is likely to have a negative impact on the bottom lines of Ethereum miners, and some prominent Ethereum mining pools are openly opposing the change. 

After the London hard fork, developers will start working on another hard fork called Shanghai. At this point in time, it’s unclear whether Shanghai will be ready before or after “the Merge”, which will be the process of merging the current Ethereum mainnet with the Beacon Chain and kicking off Ethereum’s Proof-of-Stake era. 

According to Beiko’s Twitter thread, developers agreed to make the necessary changes to the Shanghai hard fork if the Merge already happens before Shanghai is ready. Beiko describes Shanghai as a “small feature fork” that will likely contain upgrades that developers wanted to include in the London hard fork but didn’t make it in.

Here is how Beiko summarized the main points that the core developers agreed on in the April 23 call:

 37 total views

Share this

Leave a Reply

Your email address will not be published. Required fields are marked *

  • Subscribe to our weekly digest to stay in the loop!

    or follow us on our social channels