Ethereum’s forthcoming London upgrade, containing the highly-anticipated Ethereum project Improvement Proposal (EIP) 1559, has been deployed on the Ropsten testnet.
Following the June 24 launch on Ropsten, London is now expected to launch progress through Ethereum’s Goerli, Rinkeby, and Kovan testnets at roughly weekly intervals from which point the community expects a date for mainnet deployment to firm up.
The Ethereum new upgrade will see transaction fees burned. According to the EIP-1559 tracking website, Watch the Burn, roughly 88,500 testnet Ethereum nominally worth $177.6 million has been burned on Ropsten over the day since London’s deployment.
The high rate of Ethereum being burned on Ropsten has reignited discussion regarding whether EIP-1559 will render Ethereum deflationary where more Ethereum ETH is destroyed than new supply enters into circulation and what this could mean for ETH price moving forward.
However, EIP-1559 is not the only new upgrade that the community is looking forward to from London, with David Mihal of Cryptocurrency Fees describing EIP-3074 as “fixing one of ETH most overlooked security issues” to do with approvals.
Related: A London tour guide: What the EIP-1559 hard fork firm promises for Ethereum
Coincidentally cryptocurrency data aggregator, CryptoQuant, identified that 100,000 ETH had been deposited into Eth2's staking contract around the same time as the launch, worth roughly $200 million.
CryptoQuant also noted that more than 5% of ETH’s token supply is currently locked in staking worth approximately $11.75 billion.
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