Ethereum Classic adopts Ethereum mainnet solutions

With the upcoming Magneto upgrade, the Ethereum Classic (ETC) blockchain will implement four EIPs that were implemented during the Berlin hard fork on the Ethereum mainnet, the second-largest cryptocurrency by market capitalization.

According to Stevan Lohja, the Mantis client’s developer relations manager, the network cannot ignore innovation.

#EthereumClassic has to innovate from #Ethereum 1.0 to prevent it from ending up in a Python 2 or Angular 1 scenario. An #ETC Treasury fixes this.

— Stevan Lohja (@stevanlohja) June 28, 2021

“Ethereum Classic must implement Ethereum 1.0 innovations to avoid repeating Python 2 or Angular 1 scenarios. The ETC Treasury solves this problem,” Lohja wrote.

On April 15, 2021, a hard fork in Ethereum was carried out, through which four Ethereum Improvement Proposals were implemented. They changed the gas-cost calculation algorithms (EIP-2565 and EIP-2929) and introduced new types of transactions (EIP-2930 and EIP-2718).

On June 10, 2021, Ethereum Classic developers announced the Magneto upgrade, which includes the above-mentioned proposals.

Testing of Magneto began on the Morder and Kotti test networks on June 2 and 9 respectively. In the mainnet, the hard fork was scheduled to activate on July 21, 2021.

“To carry out a successful fork, we ask ETC users to update the software of their nodes to a Magneto-compatible version if they have not done so yet. If you do not run nodes or services but use ETC through third-party apps, please check whether they support Magneto,” Lohja said.

Over the last 24 hours, Ethereum Classic’s price rose by almost 17%, according to CoinGecko. This allowed the asset to move to 21st place by market capitalization, at $6.3 billion.

At the time of writing, Ethereum Classic was trading at $49.5. This is well below the May peak, when the asset’s price exceeded $107.

The decision by Barry Silbert’s Digital Currency Group to allocate up to $50 million to purchase shares of the Grayscale Ethereum Classic Trust could have affected ETC quotes.

As of June 28, assets worth $519.4 million are under its management. For comparison: the funds in Grayscale Ethereum Trust are valued at $6.36 billion.

06/28/21 UPDATE: Net Assets Under Management, Holdings per Share, and Market Price per Share for our Investment Products.

Total AUM: $30.1 billion$BTC $BCH $ETH $ETC $ZEN $LTC $XLM $ZEC $BAT $LINK $MANA $FIL $LPT pic.twitter.com/8pDtdMYuTk

— Grayscale (@Grayscale) June 28, 2021

In December 2020, the Ethereum Classic network carried out the Thanos hard fork to bolster security after a series of 51% attacks.

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