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EIP-1559 Set to Launch on August 4

What can we expect to happen in the short term when EIP-1559 finally launches?

Fabian Klauder

Jul 9, 2021

Hey DEFI TIMES community,

Ethereum’s London hardfork has an official launch date: August 4! Tim Beiko announced this on Twitter on July 6.

Tim Beiko | timbeiko.eth 🦇🔊 @TimBeiko

Yep, unless someone objects in the next 24h, London should land on August 4th. A few client teams have "👍'd" it already, but we want to be sure no one has a serious objection. Keep an eye out 👀

banteg @bantg

Ethereum 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:

- Triple Halving

- Ultra Sound Money

- 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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London Upgrade on August 4

banteg @bantg

Ethereum core devs have proposed block 12,965,000 for London upgrade on Mainnet. It is expected around August 4th. github.com/ethereum/eth1.… etherscan.io/block/countdow…

We have a mainnet fate for EIP-1559! It will be released in block 12,965,000 with the London upgrade. It is expected to happen on August 4th.

China bans crypto again

DEFI TIMES @defitimes

BREAKING: China's central bank warned institutions not to provide services to crypto-related companies!🇨🇳 What does that mean for crypto? And what does this have to do with the 100th anniversary of the Chinese Communist Party? Find out here⬇️ defitimes.io/news/china-fud…

defitimes.ioChina FUD: China’s Central Bank Warned Institutions Not To provide services to crypto-related companies - DEFI TIMESChina warned institutions within its jurisdiction not to provide services to crypto -related companies. The China FUD is on again - BTC fell!

China’s central bank warned institutions not to provide crypto services to crypto-related companies - again!

Aave launches Aave Pro

DEFI TIMES @defitimes

BREAKING: @AaveAave will launch a permissioned platform for institutional investors in July! 🚀 Read here! 👇 defitimes.io/defi/aave-to-l…

defitimes.ioAave to Launch Permissioned Money Market for Institutions - DEFI TIMESThe popular money market platform Aave will launch a permissioned version of the protocol exclusively for institutions.

Aave has officially announced Aave Pro, a permissioned money market for whitelisted institutions. CeFi merges with DeFi.

JP Morgan Staking Research

DEFI TIMES @defitimes

Staking payouts could reach $40 billion by 2025 - says JP Morgan! 🚀 Read here! 👇 defitimes.io/news/staking-p…

defitimes.ioStaking Pay-Outs Could Rise To $40 Billion, JP Morgan Says - DEFI TIMESIn a recent report, JP Morgan stated that staking pay-outs could rise to $40 billion by 2025. The reason: the launch of ETH 2.0.

JP Morgan claims that staking payouts could reach $40 billion by 2025!

Yearn Vaults on Enzyme

Enzyme Finance @enzymefinance

We are pleased to announce that as of today Yearn Vaults are available on Enzyme Finance; giving Portfolio Managers within the Enzyme App new opportunities to open up yield farming strategies specifically designed to their needs. To learn more visit: medium.com/enzymefinance/…

Yearn Vaults are now available on Enzyme Finance - a popular asset management protocol.

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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.

Do your own research before you purchase cryptocurrencies. Any cryptocurrency can go down in value. Holding cryptocurrencies is risky.