Ethereum London Upgrade2 min read

The London Upgrade is scheduled to take place at Block 12,965,000.

Ethereum is gearing up for a system-wide upgrade that will radically change the way the platform is both used and secured. There have been several upgrades to the protocol,  intending to improve Ethereum’s usability and scalability. Ethereum 2.0 is a highly anticipated upgrade and is by far the most ambitious and radical change to be implemented in the network and will require several years to fully implement.

On August 5th 2021, Ethereum will undergo its 11th upgrade, which is being called the “London Hard Fork”.

The update will contain five Ethereum Improvement Proposals (EIPs) which aim to optimize the protocol.

The EIPs included in the London Hard Fork are:

• EIP-3198: a ‘sister’ proposal to 1559 which improves user experience and benefits around creating smart contracts

• EIP-3529: reduces the refunds on the Ethereum network and offsets the block size variance of 1559

• EIP-3541: enables the deployment of new types of smart contracts 

• EIP-3554: is the famous ‘difficulty bomb’ which is explained further later in this article. However, the network still isn’t ready for this upgrade so it’s been delayed to later this year.

EIP 1559

Ethereum Improvement Proposal (EIP) 1559 aims at making Ethereum transactions more efficient by the use of a hybrid system of base fees and tips to more evenly incentivize miners in periods of high and low network congestion.

The introduction of a base fee in blocks tracking the gas price accepted from transactions on the network, will make it easier for users and wallets to estimate the right price for transactions. Furthermore, the London upgrade allows users to specify the maximum fee they are willing to pay and the maximum they’re willing to pay to the miner.

ETH Gas fees have been elevated with the DeFi boom, this should help with that and continue the path to ETH 2.0

To facilitate the upgrade, we will be closing withdrawals, transfers, and deposits of ETH assets on our exchange for 1-2 hours before block 12,965,000. Once the upgrade is complete and stable, we’ll enable all functionality again.

We apologise for any inconvenience this may cause to your trading experience and appreciate your understanding.

If you have any further questions or queries regarding this update, please email support@midchains.com