06 August 2021 15:00, UTC

Anna Martynova

The London update has been released on the Ethereum blockchain, which has a number of important improvements, including a redesigned mechanism for calculating fees for transactions. Ethereum’s price growth for the week was 17%, and over the past 24 hours, the price dropped by 0.55%. At the time of writing, Ethereum is trading at around $2769.

One of the main improvements is the integration of a redesigned system for calculating transaction fees. Ethereum has long had scalability issues and unpredictable transaction fees. The problem has been exacerbated amid a surge in interest in non-financial tokens and explosive growth in the decentralized finance (DeFi) segment, which also uses the Ethereum blockchain.

The hard fork itself consists of five proposals for improving Ethereum: EIP 1559, 3554, 3529, 3198 and 354, where everyone makes their own adjustments to the blockchain. One of the most important proposals is EIP1559, which changes the mechanism for receiving rewards that miners receive for mining blocks, and provides for the burning of part of the reward.

Image: Coinscreed

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