Ethereum (ETH), the second-largest cryptocurrency by market capitalization, is approaching one of the most significant developments in the form of EIP-1559, the London Hardfork. During a Twitter conversation, Github co-founder Anthony Sassano gave a possible timetable for the hardfork deployment. According to Sassano, the hard fork could start on August 4 but could be delayed by a week or two due to a variety of variables.
I’m hoping for August 4th, but it could be pushed back a week or two depending on a number of circumstances. — Anthony Sassano
Despite miners’ doubts, EIP-1559 was accepted in March of this year, promising to tackle a long-standing gas gee problem on the Ethereum network. The ETH market was rocked by the gas fee crisis at the height of the bull run, rendering several Dex protocols unusable.
EIP-1559 proposes adopting a hybrid system of base fees and tips to more fairly compensate miners during periods of high and low network congestion to make Ethereum transactions more efficient. A base charge is an algorithmically set price you pay for an Ethereum transaction, according to the proposal.
The price of Ethereum has consolidated above $2,200. The price of ether is currently consolidating over $2,200, after rising over 12% in the previous week. After a recent market sell-off that saw its price hit a fresh 3-month low of $1,707, the second-largest cryptocurrency by market cap managed to maintain its position above $2,000. Many observers believe that the recent green price trend is being impacted by the forthcoming hard fork, and that the price may rise much more in the run-up to the important update.
As a large amount of ETH continues to move into ETH 2.0 deposit contracts and a growing number of ETH defi Dex, the exchange reserve volume of ETH has also reached a fresh 2.5-year low.
Although ETH is currently down more than 50% from its new all-time high of $4,362, on-chain analytics imply that ETH has an increasing market demand as adoption rises.