Aug 35 mins read

The Ethereum London Upgrade is Here!

Get Ready for Improved Network Efficiency

The Ethereum "London Upgrade" is here!

The long-awaited Ethereum "London Upgrade" is now ready and is expected to be activated at block height 12965000. Official calculations estimate that this will happen between August 3rd to 5th, while the Chinese community predicts the upgrade will go live in the evening of August 5th.

What do users need to do?

Users running nodes need to update their clients by locking onto the official blog. The Ethereum Foundation recently updated the client node's version in light of the forthcoming upgrade, and node operators need to update their clients to be compatible with the London Upgrade.

Positive market sentiment

The approaching upgrade has stimulated positive sentiment in the market, as Ethereum gradually emerges from its 2-month market slump. Ethereum has reached a 24-hour high of $2,695 with a daily increase of 5.53% and a weekly increase of 13.42%. Moreover, it is performing better than Bitcoin.

What's with the London Upgrade?

The London Upgrade is highly anticipated due to its significance in Ethereum's 1.0 era. Several proposals are expected to boost network efficiency. The EIP-1559 proposal, which will change the current mainnet fee structure, is of particular interest.

Ethereum 2.0 staking initiative

The Ethereum 2.0 staking initiative that started in November 2020 has locked in over 6.47 million ETH, with a staking rate of 5.53%, achieving an all-time high.

OpenEthereum to be discontinued

To be compatible with the London Upgrade, node operators need to update their clients, with OpenEthereum being discontinued post-upgrade. The OE team is working alongside Erigon to offer a smooth transition.

Some images for illustration

Ethereum logo

Nodes running

Ethereum performance

Ethereum 2.0 staking During the upgrade period, Ether holders using exchanges, web wallets, mobile wallets, or hardware wallets do not need to take any action unless notified by their wallet or exchange service provider. However, miners will need to download the latest version of the Ethereum client and update their settings to avoid being stuck on an incompatible chain and unable to send Ether coins or operate on the upgraded Ethereum network.

Ethereum Client Update

After loading the new client, miners will need to manually set the gas limit target to twice its current level to align with the increased block size resulting from the London upgrade deployment. The official blog provides specific APIs for each client that can be used to update the gas limit target.

Ethereum Gas Limit API

The recent rally in the Ether price reflects market expectations for the London upgrade, which includes several proposals that will improve the efficiency of the Ethereum 1.0 network. The upgrade is a transitional solution to address current pain points such as high fees and congestion while preparing for the future upgrade to Ethereum 2.0. As the upgrade approaches, the staking data for ETH 2.0 is also trending positively.

Ethereum Staking

In conclusion, the market is fulfilling its optimism for the London upgrade, and the recent surge in Ether price is proof of this sentiment.

Ethereum 2.0 Deposit Contract Completed for Staking

Ethereum 2.0 Logo

The Ethereum development team has completed the preparation work for the deposit contract for Ethereum 2.0, allowing users to stake at least 32 ETH to become validation nodes on the future network.

Stakers can earn returns, but cannot withdraw ETH or earnings until Ethereum 2.0 is completed. Despite unclear unlocking times and strict conditions, the staking activity has continued to increase, with over 6.4 million ETH staked as of July 31st, accounting for 5.53% of the Ethereum circulating supply.

The total number of validators has reached 200,000, and with the recent price increase, their daily income has risen to 1,116.87 ETH. The market for cryptocurrency staking is predicted to grow to $400 billion, and exchanges such as Coinbase are expected to profit from it.

Coinbase Logo

The development of Ethereum 2.0 continues to be an important indicator of the market's expectations for Ethereum, and the network's progress in addressing key issues such as congestion, high fees, and energy consumption. Vitalik Buterin expects Ethereum usage to become cheaper and the ecosystem to become more interesting in the next 2 to 3 years.

Vitalik Buterin

This article was originally published on Mars Finance and has been authorized for reposting without disclaimers.

The Future of Cryptocurrency: My Thoughts

Cryptocurrency Image

As someone who has been heavily involved in the world of cryptocurrency for the past few years, I have both witnessed and experienced the ups and downs of this revolutionary technology. While there are certainly skeptics and critics out there, I firmly believe that the future of cryptocurrency is bright.

One of the biggest advantages of cryptocurrency is the fact that it is decentralized. Unlike traditional currencies, which are controlled by central banks and governments, cryptocurrency operates on a peer-to-peer network. This means that transactions can be completed quickly and easily without the need for intermediaries.

Additionally, the potential for cryptocurrency to disrupt traditional industries such as banking and finance is enormous. With lower transaction fees and faster processing times, cryptocurrency has the potential to revolutionize the way we exchange value.

Cryptocurrency Graph

Of course, cryptocurrency is not without its challenges. One of the biggest hurdles to widespread adoption is the perception of it being a volatile and risky investment. While this is certainly true to a certain extent, I believe that with time and increased regulation, investors will become more educated and comfortable with the technology.

Overall, I am incredibly excited about the future of cryptocurrency. While there are certainly challenges to be faced, I believe that the benefits it has to offer far outweigh the risks. As always, investors should do their own research and make their own decisions, but I am confident that those who choose to invest in cryptocurrency will be handsomely rewarded in the long term.

Crypto Currency Exchange

Disclaimer: This article represents the author's personal viewpoints and does not reflect the opinion or position of Blockcast. All content and opinions are for reference only and do not constitute investment advice. Investors should make their own decisions and trades, and the author and Blockcast will not be held responsible for any direct or indirect losses resulting from investor transactions.