The Ethereum Network upgraded | London Hard Fork Explained
The Ethereum Network upgraded | London Hard Fork Explained. This was a long awaited network upgrade as one part of it called EIP-1559 changes the networks fee structure so that with every transaction a percentage of the fee will be burned, permanently removing the Ether from the circulating supply. This fact makes Ethereum a deflationary asset, as now with every transaction on the network supply is being burned. Although Ethereum does not have a capped maximum supply EIP-1559 will greatly counteract the networks inflation. If you want to see the amount of Ether that has been burned as a result of the London Hard Fork network upgrade you can see it on watchtheburn.com.
Many in the cryptocurrency space are comparing the Ethereum London Hard Fork Upgrade & EIP 1559 to the Bitcoin Halving. This is because it is a monumental event in the blockchain’s life that changes the supply growth of the network! Whether or not this upgrade will spark another major leg up in the crypto market is unknown at this moment in time, but many speculators are anticipating a very bullish finish in 2021! All in all Ethereum has undergone a number of network upgrades and will continue to do so. The ETH 2.0 Beacon chain was launched in December 2020 and Ethereum 2.0 is set to fully release in early 2022. Ethereum is on pace to continue to stay at the top of smart contract blockchains despite all of its growing pains. Are you bullish on Eth? Comment below!
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