London Is Calling June 24th

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Ethereums long awaited London upgrade is slated to hit test net June 24th. This update is a hard fork of the chain and has a rather large set of changes coming with it.

Currently three platforms are running the testnet they are Ropsten, Goerli and Rinkeby. When testing looks good on these networks what will happen is a block will be sent to the main chain. This upgrade has five total EIP proposals in it making it one of the largest.

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Berlin Hard Fork Changed these things

EIP-1559 Overhaul of Ethereums fee structure. This change has been one of the hottest topics since we saw fees as high as $60+ during the DeFI and NFT boom. This change is expected to reduce fees by 50% this did seem to help a big but not enough to really correct those wild highs we saw a few times.

EIP-2565 Introduces a change to the modular exponentiation. It's what gives cryptographic many functions and this change will reduce fees for that modular.

EIP-2718 Introduces a new transaction type. At the moment introducing new transaction types is difficult so this change allows for new transaction types to more easily be added by wrapping them.

EIP-2929 Simple change increases fee 3x for opcodes.

EIP-2930 Access to optional list access becomes cheaper

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London Hard Fork Will Change These

EIP-1559 Overhaul of Ethereums fee structure. This change has been one of the hottest topics since we saw fees as high as $60+ during the DeFI and NFT boom. This change is expected to reduce fees by 50% however still a heavy price to pay for DeFi and NFTs when we saw them $20+ not all that long ago. Even a few bucks per DeFi transaction can really add up and eat away at profits. However this change could help if we see another boom in NFTs and DeFi again.

EIP-3238 Difficulty bomb delay. The goal of this is to make it so difficult to mine Ethereum that it's pointless to do so allowing the new PoS system to overtake. This delay is set to move this "bomb" from happening in mid 2022 which already seems like we could be waiting a little longer for the PoS system.

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After London comes Shanghai

Shanghai hard fork is currently just speculation including the name and what will be in it. It's speculated that move of this update would be around the merge of PoS and the current blockchain and isn't expected till October of this year.

What's going to be interesting is if Ethereum continues to grow after some of these hard forks take place and how well they do. Londons hard fork also takes place just before a 1.5 billion options expire on June 25th and how that will effect the price of Ethereum.

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