By
Temitope Olatunji
April 18th, 2024
As people look out for the long-expected hardfork with the EIP-1559 upgrade for ETH at the end of the week, there is every possibility that it could be postponed.
The founder of EthHub, Anthony Sassano, in a tweet revealed the possibility of discussing and disclosing the mainnets date for the London upgrade for Ethereum, known as EIP-1559, during this week’s Ethereum Core Development meeting which is set to hold on Friday.
Sassano wrote in his tweet that, “The mainnet date/block number for London (EIP-1559) is expected to be discussed and possibly announced at this week’s Ethereum Core Devs meeting (July 9th at 14:00 UTC).”
However, as people look out for the long-expected hardfork with the EIP-1559 upgrade for ETH at the end of the week, there is every possibility that it could be postponed. According to Sassano, he noted in a tweet comment that he is expecting the implementation in London later this summer. However, there might be a delay for a brief time.
“Hoping for August 4th myself, but it could be pushed out a week or two from that date depending on various factors,” revealed he.
An earlier report had stated that “the EIP-1559 implementation will considerably reduce the problem of high gas fees for ETH investors. While this is certainly a welcome move for all ETH investors, miners have largely opposed it. Many analysts believe that the London hardfork will bring a positive impact on the ETH price.”
Ethereum Supply Drops on Exchanges
Still on Ethereum, Willy Woo has explained the reason behind the drop in Ethereum supply on Exchange, where he identified two major factors.
The prominent crypto trader and entrepreneur Willy Woo based the reasons behind the Ethereum low supply on two assumptions. According to Woo in a report, users’ withdrawal of Ethereum to lock it in various DeFi exchanges and apps, such as Uniswap, and the staking of Ethereum in the ETH 2.0 deposit contract is responsible for the low.
This affirms the earlier report emanating from CryptoQuant, an analytics company, that the Ethereum balance has declined to hit a 2.5-year low across all crypto exchanges.
We earlier reported that the price of Ethereum hit its highest point in several weeks Sunday in anticipation of the London hard fork, which contains the highly anticipated and controversial EIP-1559 upgrade.
Available data from CoinMarketCap shows that ETH reached as high as $2,384 on Sunday; at press time, the price is trading around $2,230.
The asset trading volumes remained ‘characteristically’ low over the weekend, reaching just over $18 billion. At press time, Ethereum’s total market capitalization was nearly $265 billion.