Ethereum News

Ethereum Core Devs Looking at Early August to Activate London Upgrade on Mainnet

Meanwhile, Goldman Sachs says, Ether has the potential to become the dominant digital store of value in the coming years, but benign a “risk-on inflation hedge,” means not anytime soon.

The most anticipated upgrade, London hard fork, which will include the EIP – 1559, could be expected to be launched around August 4th.

Ethereum core developers have actually proposed block 12,965,000 for the London upgrade on mainnet, which puts the activation date in early August.

“This pull request proposes block 12965000 for the mainnet activation of the London network upgrade. The ETA for this block should be between 13:00 UTC and 17:00 UTC on August 4, 2021,” it reads on Github.

Developers have agreed on ACD116 to decide the block async and try to get client releases done for ACD117 by this weekend. Tim Beiko, who coordinates the developer work on the second largest network for the Ethereum Foundation, said,

“If we can roughly hit that timeline, then August 4th should provide enough time to advertise the client releases that are mainnet compatible, and allow infrastructure providers & node operators to upgrade.”

As for the previously decided July 14 launch date, it was a tentative one, with Beiko further explaining that devs are asking for an EU-friendly time given that most of them are based in Europe.

“Was also trying to get before 13m to avoid the next period of the difficulty bomb. And, we try to get them on Wednesdays because PoW block times can vary.”

The final decision around the timeline would be made at the core dev meeting on Friday at 14:00 UTC.

While the crypto community continues to eagerly await the EIP-1559, which will burn base fees, effectively making Ether a deflationary asset, it is already deployed on the Ropsten testnet.

On the staking side of things, more than 6.2 million ETH are currently deposited in ETH 2.0. One Ether is currently worth $2,380, down over 45% from its all-time high of $4,390 in mid-May.

This week, Swiss crypto bank Sygnum also launched Eth 2.0 staking service, claiming to be the first bank to offer this service, offering a yield of up to 7% per annum.

As we reported, JPMorgan is bullish on ETH 2.0 saying, Ether’s shift to POS network would boost the staking industry from current $9 bln to $40 billion business by 2025.

Meanwhile, Goldman Sachs says, Ether has the potential to become the dominant digital store of value in the coming years because the second-largest platform is “the most popular development platform for smart contract applications.”

But inherent high volatility means not anytime soon.

“Gold is competing with crypto to the same extent it is competing with other risky assets such as equities and cyclical commodities. We view gold as a defensive inflation hedge and crypto as a risk-on inflation hedge.”

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