Ethereum Network Upgrade (EIP-1559) Set for August 4
Ethereum (ETH) core developers recently announced the proposed launch of the London hard fork upgrade, with a new mainnet scheduled for August 4 that would include the highly-anticipated EIP-1559 upgrade.
The EIP-1559 upgrade was a success, following its Ropsten testnet about two weeks ago. The upgrade would introduce a gas fee burn for every transaction, which should make ETH gas fees more predictable and lower the average gas fee by eliminating false estimations per bid. This modification would, in turn, foster scarcity for Ether, thereby transforming the cryptocurrency into a deflationary asset.
However, this correction in gas fees would be short-lived considering that Layer 2 solutions and pending the completion of Ethereum 2.0 could affect gas fees later on.
Thanks to the EIP-1559 upgrade, once the…
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