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Three Ethereum Testnets all set to launch in June

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Intro: The three Ethereum testnets are all set to launch in London in June. The London Ethereum hard fork has a set fork height for the three testnets. 

Three Ethereum testnets is all set to launch by June 23 in London. It is a very important step towards the mainnet implementation. The London Ethereum hard fork now has a set fork height for three testnets. 

The Ethereum Foundation’s website has announced this in a blog post. Tim Beiko, Ethereum core developer, has written in a blog post that the three testnets Ropsten, Goerli and Rinkeby are equipped with art block heights at which London will go live. 

Ropsten will be set at the first block with a height of 10,499,401 sometime by June 24. Goerli is likely to launch on June 30. Following the lines, Rinkeby will launch by July 7. 

The release for the launch has not yet out and is being determined for all important mainnet upgrades. Beiko in the blog post has shared that presently only the testnets are scheduled for London launch. After the upgrade is over on the three testnets, a block will be set for the Ethereum mainnet. It will be informed by the blog and other announcements. 

Effectiveness of EIP 1559 

There are five Ethereum upgrade proposals (EIP). Among them, the latest and most important is EIP-1559. Since EIP-1559 helps in reducing the gas fees significantly for the users, an overhaul in the fee structure can be observed.

Miner revenues will also be there which may be up to 50%. But this has led to some grumblings about a miner revolt that has failed to conceptualize. 

Ethereum 2.0 efficiency

The upgrade is considered to be one of many bullish catalysts on the horizon for Ethereum. It is also the ethereum 2.0 upgrade. Ethereum 2.0 will transition the network to a more accurate proof of stake consensus mechanism. This transition is very beneficial as it significantly reduces the energy consumption of validation blocks. 

The emphasis is on the decentralized system, which is a feat of coordination. The decentralized system makes the network upgrade more difficult. The upgrade requires cooperation and communication with the community, as well as the developers of the various Ethereum for the transition to go smoothly. 

Ether options 

Ether options expiry is soon to come by June 25. The expiry is as soon as $1.5 billion worth of open interest will be settled. It is more than 30% higher than March 26 expiry. It took place at a time when ether’s price fell 17% in five days and bottomed near $1,550. 

But Ether rallied 56% after March’s options expiry. These moves are not related to bitcoin. It is necessary to check if the same pattern will be observed for June 25 futures and options expiry. 

Coinmetrics had launched an Ethereum gas report that states that the EIP-1559 network upgrade would unlikely solve the high gas problem. But things started to change when Visa announced plans to use the Ethereum blockchain to settle a transaction made in fiat. On April 15, the Berlin upgrade was done successfully. Hence, the Ethereum gas fee started declining after the Berlin upgrade that became successful. 

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