One of Ethereum’s most anticipated updates, the London update, has been activated on the Ropsten testnet. The update was performed by Ethereum core developer Tim Beiko today at 05:23 CET on the Ropsten testnet at block 10499401. Thus, the London update was enabled for the first time on Ethereum’s testnets.
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Beiko expects activation ‘slightly longer’ Said it was going on. This important update will be implemented on the Goerli testnet in Rinkeby on June 30 and activation is expected by July 7, 2021.
The developer added that the Ropsten testnet validates blocks at low speed due to the lack of miners updating their equipment in a timely manner.
Why is EIP 1559 Important?
The London update includes five Ethereum Improvement Proposals (EIPs), with EIP 1559 being the most significant. This improvement brings dynamic wage structure and periodic wage burning.
Thus, when EIP 1559 is enabled, it will become a deflationary asset for the first time in Ethereum history. Some analysts see this as a bullish catalyst for Ethereum (ETH) price.
However, some Ethereum miners oppose this update as Ethereum gas fees will be lowered for users.