Ethereum co-founder Vitalik Buterin classified the latest London hard fork as a successful step towards ETH 2.0.
Ethereum Burned $10 Million Worth of ETH in London Hard Fork, Less than 24 Hours
Just one day after the highly anticipated Ethereum blockchain upgrade, Buterin commented that the event paved the way for the migration to Proof of Stake (ETH 2.0). He also summarized EIP-1559 as “the most important part of London”.
As reported by Fxcryptonews, the Ethereum network, codenamed London, has seen one of the most anticipated and critical hard forks in its six-year history. It happened in the 12,965,000th block, and one of the major updates it contained was EIP-1559.
It implements various transaction fee functions that allow users to send gas fees to the network where they will be burned instead of sending them to miners.
Less than 24 hours later, the effect was evident and more than $10 million in ETH was destroyed. Vitalik Buterin, the co-founder of Ethereum, said in an interview with Bloomberg that EIP-1559 is “absolutely the most important part of London”.
In addition, he believes the hard fork is “proof that the Ethereum ecosystem can make big changes”. He is therefore more confident about the upcoming merger with ETH 2.0.
The transition marks the end of Ethereum’s current position as a proof-of-work blockchain network. Instead, it will fully migrate to the proof-of-stake consensus algorithm which should solve some of the most pressing issues like scalability and high network charges.
ETH price responded well to the hard fork too, rising to around $2,850 yesterday, hitting a new high in several months. So far, the trading price is less than $2,800, but it’s still up 3% that day.