EIP-1559EthereumHard ForkLondonTechnology

Ethereum “ETH Buyback” Update Scheduled for Summer 2021

Big news for Ethereum: the network’s major EIP-1559 update is happening this summer. 
ETH Buyback Ready to Ship
EIP-1559 will go live in Ethereum’s London hard fork, expected to launch in July. 
Tim Beiko, the coordinator for the various researchers working on the update, confirmed the news on Twitter today. 

We’re in agreement about 1559 and a difficulty bomb pushback going into London 🔥🎉
— Tim Beiko | timbeiko.eth (@TimBeiko) March 5, 2021
Beiko posted the update live from Ethereum’s latest AllCoreDevs call. He proposed implementing EIP-1559 as part of London, to which the other Ethereum developers on the call agreed to the update. 
Beiko recently took to Github to finalize London’s launch date; he suggested it should go live on mainnet in July. It’s set to follow Ethereum’s Berlin fork, which is happening in April. 
EIP-1559 is Ethereum’s most anticipated update since the launch of Serenity in December. It will see a portion of the gas fees on every transaction get burned, reducing the supply of ETH. Beiko told Crypto Briefing that EIP-1559 could be thought of as an “ETH buyback” proposal earlier this year. EIP-1559 could make ETH a deflationary asset. 
Ethereum developer Justin Drake recently shared a post highlighting the impact EIP-1559 could have on ETH. He used the term “ultrasound money” to compare it to BTC’s popular “sound money” narrative. 

🦇 pic.twitter.com/HYAMs1sS7u
— Justin Ðrake (@drakefjustin) March 1, 2021
Though EIP-1559 should solidify ETH’s economic proposition and the security of …
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