The upcoming London upgrade for Ethereum, which includes the long-awaited EIP-1559, has been launched on the Ropsten testnet.
After the deployment on Ropsten two days ago, London is programmed to also go through Ethereum’s Goerli, Rinkeby, and Kovan testnets and do so at approximately weekly intervals. After this, the Ethereum community is waiting for an official date regarding the mainnet deployment.
This new upgrade is highly important because transaction fees will be burned. About 88,500 testnet ETH, worth around $117.6 million, has been burned on Ropsten over the day since the new launch.
These high numbers of Ether being burned on Ropsten have made people talk again about the possibility of EIP-1559 making Ethereum deflationary, aka having more ETH destroyed than actually produced, and what this would mean for its price in the long run.
Aside from EIP-1559, EIP-3074 is also highly anticipated, as David Mihal of CryptoFees believes it will fix “one of Ethereum’s most overlooked security issues” in regards to approvals.