Saturday, April 10, 2021

Ethereum Developer Sets Target Date for Gas Saving (EIP 1559) Upgrade

The gas-saving upgrade, Ethereum Improvement Proposal (EIP) 1559, that the community has been anticipating could play out in just a number of months’ time, considering the latest update from an Ethereum developer.

The EIP 1559 is targeted at mitigating the impact of the ever-increasing transaction fees on the Ethereum network, which has been dissuading a lot of potential users and causing the exits of a number of in-house users to other alternatives such as Binance Smart Chain with relatively low gas fees.

Read Also: Someone Just Paid $38,500 worth of ETH on Ethereum Network in a Single Transaction

The upgrade is coming with a mechanism required to adjust the current auction process, which determines the price of each transaction on the Ethereum network.

Ethereum Developer Suggests July 2021 for the Much-Awaiting Gas Saving Upgrade

Ryan Berckmans, the founder of Predictions Global, who is an Ethereum developer, has suggested that the much-awaited gas-saving upgrade, Ethereum Improvement Proposal (EIP) 1559, could play out in July 2021 alongside the “London” hard fork.

According to Berckmans in the update, the upgrade will also bring about scaling benefits for Layer-2 providers.

Ryan Berckmans noted:

“EIP-1559 is huge for ethereum and coming soon EIP-1559 – likely launches in July – delivers important benefits to all ethereum users – would have burned ~$26M in ETH yesterday Here are some EIP-1559 resources.”

He further provided a link to the content that highlights why the EIP-1559 is necessary, adding that “In five days, there’s an EIP-1559 community call to connect with miners – EIP-1559 is most likely to launch in July in the “London” hard fork.

“One benefit of EIP-1559 is that it helps scale ethereum this year by enabling Arbitrum and Optimism to reliably get their security transactions into the next ethereum block. Since Arbitrum and Optimism are critical to scale ethereum this year, EIP-1559 is too.”

Read Also: Vitalik Buterin: Ethereum 2.0 Benefits Such As 100k TPS Will Come Faster Than People Expect

Meanwhile, Berckmans had on 8th February referred to the launch of EIP-1559 as a catalyst to take the price of Ethereum (ETH) to $20,000:

“Ethereum’s fees are a sleeping giant Ethereum’s fees – are currently worth ETH at $2500 – grew 150x over the past fifteen months – begin accruing to ETH holders when EIP-1559 launches later this year imo, fees will soon greatly help us get to ETH at $20k…”

Follow us on Twitter, Facebook, Telegram, and Download Our Android App

Tobi Loba
Tobi-Loba is a creative and an award-winning writer with over 5 million readers from all over the world. She has B.A in English and Literature from a reputable University and currently studying for her M.A in the same field. She recently became a contributor at Herald Sheets in order to satisfy her thirst in reporting crypto and blockchain occurrences, the interest she built over the years.

Related Articles

Latest Articles