We published earlier on the Arab Bitcoin that the developers of Ethereum touched on the “EIP-1559” upgrade, and they reported last March that the upgrade would start working on it in July, i.e. this month.

For the developers of Ethereum to announce the activation of this upgrade with the London network, that is, it will be finally and officially broadcast on August 4, meaning that the upgrade has less than a month left.

The EIP-1559 upgrade proved successful after the Ropsten testnet two weeks ago.

The upgrade “EIP-1559,” which is included in the Ethereum blockchain update codenamed “London,” is set to introduce gas fee burn per transaction, which will make gas fee (measured by gwei) more predictable, thus increasing scarcity ( ETH) technically.

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The “EIP-1559” upgrade is a controversial upgrade, as it would make it easier to set the gas price for transactions, effectively lowering the average gas price by eliminating erroneous estimates for each bid.

However, this gas price reduction is only effective in the short term, given that Layer 2 solutions and the pending expiry of Ethereum 2.0 will also affect gas fees later on.

Burning the fees will also effectively reduce the supply of ETH, turning ETH itself into a deflationary asset and creating conditions for it to become even more scarce.

With the “EIP-1559” upgrade, once the Ethereum mainnet gains enough momentum in terms of activity, the burn rate will exceed the issuance rate, which will create a counter-friction to the origin, hence the deflationary character.

The update called “London” also includes four other improvement proposals, namely:

EIP-3198, EIP-3529, EIP-3541, and EIP-3554.

The proposed mainnet has been activated in block 1296500, with an estimated activation time between 13:00 and 17:00 UTC on August 4th.

However, the proposal is still disputed so far.

Tim Biko, a coordinator who works with several of the regulatory researchers working on EIP-1559, posted the vote request on Github.

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chirp Biko about this matter, saying:

Yes, unless someone objects within the next 24 hours, the London Update should land on August 4th.

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lhave [وافق] A few customer teams have this already, but we want to make sure no one has serious objections.

This optimization proposal was expected to be activated sometime in mid-July, although some concerns from the Ethereum community have indicated that it will be a bit delayed.

After activating the “EIP-1559” upgrade along with the London update, the next phase will necessitate integrating into Ethereum 2.0 where the “Beacon” chain will be docked to the Ethereum mainnet allowing the stakes to start in the Ethereum mainnet.

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