Ethereum makes seamless transition to London hard fork

  • Ethereum’s London upgrade has officially been activated. The upgrade consists of five Ethereum Improvement Proposals. They are called EIPs for short, and each puts forth a set of changes to the code. The most important of these is EIP-1559.
  • EIP-1559 changes the way transaction fees are calculated. At the moment, a blind auction determines the transaction fee (known as the gas price). Now, Ethereum’s protocol will algorithmically decide the transaction fee based upon overall demand on the network, which should make it fairer.
  • The London hard fork also doubles the Ethereum block size, though it’s designed so that they should only fill halfway. This is meant to help smooth out spikes in demand, helping gas fees to stay stable.
  • Ethereum co-founder Vitalik Buterin told Bloomberg that the upgrade is “proof that the Ethereum ecosystem is able to make significant changes.”

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