- The Ethereum 2.0 deposit contract has gained over 1M ETH since late April
- ETH2.0 deposit contract now holds 5.429 million Ethereum worth $13.697 Billion
- The Ethereum London hard fork is still on track for a July launch and one reason ETH investors keep staking their coins
- The London hard fork will introduce 5 Ethereum Improvement Proposals including EIP1559
Ethereum investors have added over 1 million ETH to the ETH2.0 deposit contract since late April when it held roughly 4 million coins. At the time of writing, the Ethereum 2.0 deposit contract currently holds 5.429 million Ethereum worth $13.697 Billion as seen in the following screenshot courtesy of Etherscan.io.
Ethereum’s London Upgrade On-track, Will Introduce 5 EIPs
The continual staking of Ethereum on the ETH2.0 contract shows that investors are optimistic about the progress of the upgrade. To note is that the London hard fork is scheduled for launch on the mainnet around July with the development team at Ethereum yet to provide a definitive date.
However, in a recent update, lead developer, Tim Beiko, updated the ETH community on the Ethereum Improvement Proposals that will be implemented during the hard fork. In the update, he highlighted the following five EIPs including the popular EIP1559.
- EIP1559 – introduces a base fee for each transaction that will be burnt. Users will also define the maximum fee they are willing to spend along with the maximum amount they are willing to pay miners
- EIP3198 – which will compliment EIP1559 by adding an opcode, BASEFEE. This opcode ‘will return the value of the base fee for the block it is executed in’
- EIP3529 – removes gas refunds from SELFDESTRUCT and reduction of refunds from SSTORE
- EIP3541 – a simple change that makes it impossible for new smart contracts starting with 0xEF byte to be deployed
- EIP3554 – this EIP will delay Ethereum’s difficulty bomb to December 1st, 2021. The difficulty bomb ‘is a mechanism that was introduced in Ethereum to “freeze” mining as the network transitions to proof of stake’. Since PoS is not ready, it will have to be postponed