- Ropsten testnet has been set to a block height of 10,499,401 and launched on June 24.
- Approximately 88,500 testnet Ether (ETH), worth $177.6 million, has been burned since its deployment.
- 100,000 Ether worth $200 million had been deposited into Eth2’s staking contract around the same time as the launch.
The much anticipated Ethereum Improvement Proposal (EIP) 1559 is finally deployed on the Ropsten testnet for Ethereum’s upcoming London upgrade. A few days ago, the launch dates for the three Ethereum testnet of the London hard fork were announced. Ethereum core developer Tim Beiko announced that block heights for the Ropsten, Goerli, and Rinkeby testnets had been determined. Ropsten has been set to a block height of 10,499,401 and has been launched on June 24. Goerli, on the other hand, is expected to be next on June 30, and Rinkeby on July 7.
EIP-1559’s Burning Mechanism may be Beneficial for the Token’s Price
Although the London hard fork has five Ethereum Improvement Proposals, EIP-1559 has been stealing all the limelight. The new upgrade is expected to burn transaction fees on the network. As per Watch the Burn, the tracking website by EIP-1559, approximately 88,500 testnet Ether (ETH), worth $177.6 million, has been burned since the deployment of the London upgrade on the Ropsten testnet. However, the high amount of Ether being burned due to the EIP-1559 has once again triggered the Eth2 overhaul deflation discussion once again. Because of the burning mechanism, Ether is ignited at a faster rate than the supply being circulated. This could be extremely beneficial for ETH’s price.
After EIP-1559, the Community is Eyeing EIP-3074 Which Intends to Solve Security Problems
However, EIP-1559 isn’t the only EIP that the Ethereum community has been eyeing. EIP-3074 is another improvement proposal that is being highly anticipated by the community in the upgrade. As per David Mihal and his tweet, one of the major security issues overlooked on Ethereum is the approval of ERC20s. He added that he had given his push for ERC777, and their only chance to fix this is EIP-3074. This Ethereum improvement proposal will allow the users to approve a transfer, execute an action and revoke the approval in just one transaction.
Previously, Ethereum developers have noted that EIP-1559 hasn’t been designed to diminish the gas costs; many still believe that the proposal will surely bring down the gas costs by a significant amount. It may even reduce the miner revenues by 50%, leading to the formation of ‘miner revolt,’ which failed. Nevertheless, the London upgrade is expected to catalyze the bullish trend of Ethereum. CryptoQuant, a significant crypto analyst, noted that 100,000 Ether worth $200 million had been deposited into Eth2’s staking contract around the same time as the launch. More than 5%, worth approximately $11.75 billion of ETH’s supply, is currently locked in staking.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.