Long Anticipated Date Announced For Ethereum (ETH)

The #EIP-1559 date has been set for #Ethereum.

Ethereum (ETH), the second largest cryptocurrency by total market cap, is still much stronger than other cryptocurrencies, despite the sharp declines in recent years. ETH price recently surged to the $ 2,600 level, even refreshing the all-time record.

🚨Ethereum Resists the Fall
Ethereum (ETH) price is trading at $ 2,328 as of the time this article was written, and it continues to hold on when the whole market is correcting close to 20%. Behind this resistance of the Ethereum price may lie the announcement of a long-awaited development.

One of the biggest problems the Ethereum network is experiencing right now is the high transaction fees. Alternatives such as Binance Smart Chain have, and still continue to, suffer from a serious influx of users. The Binance Smart Chain's recent higher transaction volume than the Ethereum network is proof of this.

🚨The Day Expected for the Ethereum Network
Now, the official date and block have been set for the update, which will bring a huge decrease in transaction fees on the Ethereum network. One of the important names of the Ethereum ecosystem, Anthony Sassano, in a statement on the subject, stated that it was determined that EIP-1559 will be implemented on July 14, 2021. Although EIP-1559 will reduce the income of miners in the Ethereum network, it will allow ETH to be burned with the revenue received from it.

With the EIP-1559, transaction fees will not only decrease, but there will also be a significant decrease in the total supply of ETH. Looking at the source of the post published by Anthony Sasssano, it is seen that the London mainnet hard fork will be performed on July 14.

🚨Steps Awaiting Ethereum
The developments before this can be listed as follows:

➡️May 19: Freezing of clients,
➡️June 2: Publishing of clients,
➡️June 16: #Ropsten test net fork,
➡️June 23: #Gorli test net fork.
If the hard fork to be tried in all these test networks does not have any errors, the expected step will be taken on July 14th. Significant volatility can be seen in the Ethereum price in the upcoming days of this update and investors may be subject to high volatility.

An important step in the transition to Ethereum 2.0 will be completed and a new era will be opened. This seems to be the reason why Ethereum investors are excited despite this decline.