Ethereum London hardfork expected Aug. 4 EthHub founder Ant | NFT News

Ethereum London hardfork expected Aug. 4

EthHub founder Anthony Sassano expects the main network date for the upcoming Ethereum update, which includes EIP-1559, to be announced as early as this Friday.

Sassano also mentioned that the long-awaited hardforward with the EIP-1559 update for Ethereum will likely be discussed and announced on July 9 - later this week - during a meeting of Ethereum core developers.

Low speeds weren't an issue when Ethereum had few users, but as the DeFi space grew, it led to network congestion and high gas fees. The average fee per transaction was as high as $71. This growth also coincides with DeFi's growing popularity - in October 2020, the average fee was only about $2.

The London hard fork update will help solve the scalability problem.