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Ethereum’s controversial London upgrade, which brings with it a number of improvements to the network, went live on mainnet at 12:11 pm UTC on 5 August.

The London hard fork was triggered at block height 12,965,000, activating a total of five Ethereum Improvement Proposal (EIP) aimed at improving the quality of life for Ethereum users. The implementation of these EIP’s will cause a significant overhaul of Ethereum’s transaction fee market, gas refunds, and other parameters.

One of the controversial changes that came with the London upgrade is EIP-1559, which drew the opposition of some of the largest mining pool operators earlier this year. Under EIP-1559, each transaction on Ethereum will automatically decrease the ETH circulating supply by burning its base fee, causing pool operators to argue this would unfairly cut into their income.

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Proponents of the upgrade, however, have argued that EIP-1559 will help ETH become a deflationary asset, as each transaction will remove a portion of the circulating supply permanently. In addition, EIP-1559 will also increase the block size variance, doubling the current maximum limit of transaction data able to fit in a block during times of high network congestion.

With the London upgrade now active, Ethereum is one step closer to transitioning to its second iteration, and from proof-of-work to a proof-of-stake network. In order to achieve that goal, Ethereum will have to also undergo its Shanghai hard fork later this year. The price of ETH was also affected in a positive way from the upgrade, raising by around 4% in the last 24 hours.

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