EIP-1559 Set to Launch on August 4
What can we expect to happen in the short term when EIP-1559 finally launches?
Hey DEFI TIMES community,
Ethereum’s London hardfork has an official launch date: August 4! Tim Beiko announced this on Twitter on July 6.
banteg @bantgEthereum core devs have proposed block 12,965,000 for London upgrade on Mainnet. It is expected around August 4th. https://t.co/EgHKhrabBz https://t.co/5ec2o7OKiD
This is a major milestone for Ethereum as it’s by far the best-known Ethereum Improvement Proposal. People have created an insane variety of memes around it:
- and a lot more
EIP-1559 essentially burns the majority of transaction fees, which could make its net issuance negative!
But what will happen after August 4? Many people are speculating that this event will pump the ETH price through the roof; but in my opinion, that’s incorrect.
I think that EIP-1559 will have a similar effect as the Bitcoin halving: nothing will happen in the short term, but it will have massive consequences in the long run.
Ethereum’s issuance will drastically decrease in the next 1-2 years, which could have a huge price impact.
But in the short term… nothing really happens!
Sure, Ethereum’s UX will get better: stuck transactions are a thing of the past. But in terms of scarcity, we will need many months to see the effects.
That’s why I think that EIP-1559 will not impact the price too much in the short term. That doesn’t mean we won’t see any hype around it - I’m sure we will!
But expectations are probably the only thing that could drive the price in the coming weeks!
So keep your eyes open and think long-term!
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DISCLAIMER: All information presented above is meant for informational purposes only and should not be treated as financial, legal, or tax advice. This article's content solely reflects the opinion of the writer, who is not a financial advisor.
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