With 100k Staking in a Day Ethereum London Upgrade launches on Testnet

By Franklin On Jun 25, 2021

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The supporting community for Ethereum is eagerly waiting for the mainnet release of EIP-1559.

Ethereum features the much-anticipated Ethereum Improvement Proposal (EIP) 1559, the upcoming London upgrade, deployed on the Ropsten Testnet.

Since its launch in Ropston on June 24, London now hopes to move forward with the Goerli, Rinkeby, and Kovan testnets over the week – from this time onwards expect a solid date for the expansion of the Ethereum Community Mainet.

Transaction fees will burn out in the new upgrade. According to the EIP-1559 tracking website, Watch the Burn, 88,500 testnet ETH worth a nominal worth about $177.6 million was burned on Ropsten throughout the day from the London expansion.

Watching EIP1559 burn ETH on Ropsten. 800 ETH burned since it activated yesterday. Very soothing. pic.twitter.com/NrnE3iUvfR
— ∞ CO฿IE (@CryptoCobain) June 24, 2021

The high rate of burning of ether in Ropsten has given prominence to the debate as to whether EIP-1559 has more to do with inflation – more ETH is being destroyed than new supplies entering circulation – and what it means for Ethereum to move forward.

Proof of burn is one of the several consensus mechanism algorithms implemented by a blockchain network to ensure that all participating nodes come to an agreement about the true and valid state of the blockchain network. This algorithm is implemented to avoid the possibility of any cryptocurrency coin double-spending.
While this high rate of ether burns with the release on Ropsten, reiterating the debate over whether EIP-1559 Ethereum will give every inflation – here more ETH will be destroyed than new supply enters into circulation and thus it indirectly means that Ethereum’s prices would move forward.

However, this EIP-1559 was not the only upgrade the community was looking forward to from London, while CryptoFees’s David Mihal introduced and described EIP-3074 as “one of Ethereum’s most neglected security issues related to approvals”.

One of the most overlooked security issues in Ethereum is ERC20 approvals.

I've given up on my push for ERC777 to fix this… Our next chance to fix this is EIP-3074.

3074 will allow a user to approve a transfer, execute an action, then revoke the approval all in 1 transaction. https://t.co/zk52JtYaAj
— David Mihal (@dmihal) June 24, 2021

While thinking of this as a coincidence or not, at the same time as the launch of crypto data aggregator Crypto Quant, it realized that it had invested in a stacking deal of 100,000 ether into ET2s with a total worth of 200 million.

Crypto Quant found an estimate that more than 5% of ETH distribution is currently worth $11.75 billion.