On the first day of testing the London hard fork on the Ethereum testnet burned 88 000 ETH – Bits Media

24 June Harder London, which includes changes at the proposal of EIP-1559, Activated in the test network Ropsten. Only a day was burned in a day 88 000 ETH.

Within the framework of the EIP-1559, when paying commissions, coins are burned by ETH, which will reduce the commission for transactions, But at the same time will reduce miners' income. The changes turned out to be very effective - 88,000 ETH was burned in the test network. It is, certainly, About the same test coins, which do not have real cost. But if such an amount of ETH were burned in the main network of the Ethereum, then the sum of the destroyed coins would be $177 million.

The London hard fork will soon be activated on two more test networks of the Ethereum, and then the update will come to the main network of the second cryptocurrency. The update of the Goerli test network is planned for 30 june, but 7 July will be activated on the Rinkeby network. The exact date of the hardford for the main network has not yet been defined.

According to Consensys, After changes in the EIP-1559, the annual emission of the ether will decrease by 1.6 Million coins ($3.1 Current Course), And inflation will fall to 1.4%. The developers are sure, that this will give an additional incentive for switching to consensus Proof-OF-Stake (PoS).

Interesting, that in the EIP-1559, vulnerability was discovered, which could lead to a network overload. However, the developers corrected the error in time.