The London update of Ethereum which includes Proposal 1559 is started up on the Ropsten testnet.
We have a block! Took a bit longer than expected, but London is live on Ropsten 😅https://t.co/wM2xepis0y— Tim Beiko | timbeiko.eth 🦇🔊 (@TimBeiko) June 24, 2021
With Ropsten, the process of London renovation started. The mainnet release is planned for July. By then two other upgrades will be completed.The EIP is going live at block number 10499401. It changes the pricing way bringing a new method of "base fee" which is automatically set by the network instead of the user.
After EIP 1559, the Goerli and Rinkeby Networks will start, on June 30 and July 7 correspondingly.
Afterwards, the Mainnet launch day will be determined.
The update will play a huge role in the blockchain industry as through it Ethereum will switch to a Proof-of-Stake mining mechanism, the environment will become more scalable and sustainable.
Currently, Eth trades at around $1950 which is $55% down from the all-time high of $4.300 reached on May 12. It's the first time since February 2021, that the coin's price fell below $2.000.