Cryptocurrency

Expected Date for Ethereum Revealed: ETH Price Jumps!

Ethereum (ETH) has less than a month to upgrade its London hard fork, and several customers have actually confirmed it. According to experts, the implementation of the London hard fork could significantly increase the NFT market capitalization by about 10 times. With this news, ETH price jumped and climbed above $2,300. In addition, the cryptocurrency has increased by more than 10 percent in the last 7 days.

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It sure did: The Ethereum London hard fork will take place on August 4th!

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The world’s second largest cryptocurrency, Etheruem (ETH), has once again exceeded $2,300 with an increase of 4.83% in the last 24 hours. At press time, ETH is trading at $2,385 with a market cap of $272 billion. The latest price spike in ETH came after developer Tim Beiko announced that the long-awaited London hard fork upgrade for the Ethereum blockchain will kick-off less than a month from now. The launch of the London hard fork will take place next month on August 4 with blocks 12,965,000.

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https://twitter. com/TimBeiko/status/11412451814935433220

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This is an optimistic time chart as Tim Beiko says multiple customers have already confirmed this. Also, the developer does not expect any major objections in the future. However, the final decision will be made at the core developer meeting on Friday. The London hard fork is a module of the roadmap that will lead to the future implementation of Proof-of-Stake ETH 2.0. Before deciding on the final version, the developers successfully implemented the London hard fork on the Ropsten and Goerli testnets.

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London hard fork will bring five ETH Smoothing Protocols (EIPs)

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According to the proposed changes, the London hard fork will introduce five Ethereum Adaptation Protocols (EIPs). The most notable among them is the EIP-1559 implementation. EIP-1559 introduces a new GAS price model that makes the Ethereum blockchain deflationary. It introduces a “base fee” structure to control the rapid increase in the price of ETH GAS. Ethereum miners objected to the EIP-1559 implementation as it tried to burn off some of the GAS prices that could significantly reduce miner revenue.

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However, this decision has been welcomed by ETH investors/traders as well as DeFi players making major processes on the Ethereum Blockchain. Another worthwhile development will be the EIP-3554, which delays Ethereum’s difficulty bomb until December 1. This system will significantly increase the difficulty of mining on the Ethereum Blockchain. Thus, as Ethereum 2.0 transitions to PoS, it will effectively freeze the Ethereum Proof-of-Work model. Expectations are that the London hard fork implementation will increase the NFT market value by about 10 times.

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