{"id":47274,"date":"2021-08-05T15:41:37","date_gmt":"2021-08-05T12:41:37","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=47274"},"modified":"2025-09-01T20:30:31","modified_gmt":"2025-09-01T17:30:31","slug":"ethereums-london-hard-fork-goes-live","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/ethereums-london-hard-fork-goes-live\/","title":{"rendered":"Ethereum&#8217;s London hard fork goes live"},"content":{"rendered":"<p>The London hard fork occurred on the Ethereum mainnet at block <a href=\\\"https:\/\/etherscan.io\/block\/12965000\\\">#12,965,000<\/a>.<\/p>\n<p><iframe loading=\\\"lazy\\\" width=\\\"560\\\" height=\\\"315\\\" src=\\\"https:\/\/www.youtube.com\/embed\/IQa-BOeyiLc?si=t9AdlZ99TGQye9fg\\\" title=\\\"YouTube video player\\\" frameborder=\\\"0\\\" allow=\\\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\\\" allowfullscreen><\/iframe><\/p>\n<div class=\\\"wp-block-text-wrappers-update-2 article_update\\\"><time class=\\\"gtb_text-wrappers_update_time\\\">5 August 2021 | 17:13<\/time><span class=\\\"gtb_text-wrappers_update_head\\\">Update: <\/span><\/p>\n<p>Within an hour and a half since activation of London, network participants burned more than 400 ETH. The average gas price in the network of the second-largest cryptocurrency rose twofold, to 85 Gwei, according to <a href=\\\"https:\/\/etherscan.io\/gastracker\\\">Etherscan<\/a>. <\/p>\n<p>According to <a href=\\\"https:\/\/www.coingecko.com\/en\/coins\/ethereum\\\">CoinGecko<\/a>, in the last hour the asset price rose by 8%, to $2,770.<\/p>\n<figure class=\\\"wp-block-image size-large\\\"><img loading=\\\"lazy\\\" decoding=\\\"async\\\" width=\\\"1024\\\" height=\\\"502\\\" src=\\\"https:\/\/forklog.com\/wp-content\/uploads\/eth-42-1024x502.png\\\" alt=\\\"Ethereum London hard fork\\\" class=\\\"wp-image-145000\\\" srcset=\\\"https:\/\/forklog.com\/wp-content\/uploads\/eth-42-1024x502.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/eth-42-300x147.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/eth-42-768x377.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/eth-42-1536x754.png 1536w, https:\/\/forklog.com\/wp-content\/uploads\/eth-42.png 1828w\\\" sizes=\\\"auto, (max-width: 1024px) 100vw, 1024px\\\" \/><figcaption class=\\\"wp-element-caption\\\">Hourly ETH\/USDT chart on Binance. Data: <a href=\\\"https:\/\/ru.tradingview.com\/symbols\/ETHUSDT\/?exchange=BINANCE\\\">TradingView<\/a>.<\/figcaption><\/figure>\n<\/div>\n<p>London implements five proposals to improve the Ethereum network (EIPs):<\/p>\n<ul class=\\\"wp-block-list\\\">\n<li><a href=\\\"https:\/\/eips.ethereum.org\/EIPS\/eip-3554\\\">EIP-3554<\/a> \u2014 postpones the activation of the \\&#8221;difficulty bomb\\&#8221; until December 1, 2021;<\/li>\n<li><a href=\\\"https:\/\/eips.ethereum.org\/EIPS\/eip-3541\\\">EIP-3541<\/a> \u2014 forbids deployment of new smart contracts whose addresses start with the byte 0xEF.<\/li>\n<li><a href=\\\"https:\/\/eips.ethereum.org\/EIPS\/eip-3529\\\">EIP-3529<\/a> \u2014 reduces gas refunds;<\/li>\n<li><a href=\\\"https:\/\/eips.ethereum.org\/EIPS\/eip-3198\\\">EIP-3198<\/a> \u2014 defines the opcode that returns the base fee of the block in which it is executed;<\/li>\n<li><a href=\\\"https:\/\/eips.ethereum.org\/EIPS\/eip-1559\\\">EIP-1559<\/a> \u2014 proposes burning a portion of transaction fees depending on network load and reducing volatility of gas prices.<\/li>\n<\/ul>\n<p><a href=\"https:\/\/forklog.com\/en\/news\/ethereum-miners-split-into-two-camps-over-eip-1559\">divided miners into two camps<\/a>. <\/p>\n<p>Its opponents, including <a href=\\\"https:\/\/etherchain.org\/miner\\\">controlling<\/a> 43.9% of the network&#8217;s hashrate, SparkPool and Ethermine, wanted to concentrate in the latter <a href=\"https:\/\/forklog.com\/en\/news\/ethereum-miners-to-stage-protest-against-eip-1559\">more than 51% of hashing power<\/a>. However their attempt failed.<\/p>\n<p>According to Compass, activating EIP-1559 <a href=\"https:\/\/forklog.com\/en\/news\/expert-ethereum-miners-revenues-to-fall-20-30-after-london-hard-fork\">will reduce miners&#8217; revenue by 20-30%<\/a>. The proposal will raise the share of proceeds from mining blocks, and the decrease in transaction fees will offset the rise in the cryptocurrency&#8217;s price.<\/p>\n<p>Developer Tim Beiko explained that with London the gas limit in Ethereum doubled \u2014 this is evident from the Goerli testnet, which <a href=\"https:\/\/forklog.com\/en\/news\/key-ethereum-testnets-successfully-upgrade-to-london\">underwent the July update<\/a>. It is expected in practice that the value will not exceed 50% of the cap, which miners should aim for to maintain the same network throughput.<\/p>\n<blockquote class=\\\"twitter-tweet\\\">\n<p lang=\\\"en\\\" dir=\\\"ltr\\\">BUT, then miners need to keep the new gas limit (which we expect to be ~50% filled on average) if we want to maintain the same throughput on the chain.<\/p>\n<p>\u2014 Tim Beiko | timbeiko.eth \u2600\ufe0f (@TimBeiko) <a href=\\\"https:\/\/twitter.com\/TimBeiko\/status\/1422961350498820096?ref_src=twsrc%5Etfw\\\">August 4, 2021<\/a><\/p><\/blockquote>\n<p> <script async=\\\"\\\" src=\\\"https:\/\/platform.twitter.com\/widgets.js\\\" charset=\\\"utf-8\\\"><\/script><\/p>\n<p>Beiko also offered several tips on calculating tips that can now be paid to miners to prioritise time-dependent transactions. He said that because the value miners can extract (<a href=\\\"https:\/\/compassmining.io\/education\/what-is-miner-extractable-value\/\\\">miner extractable value<\/a>) varies widely, the process is fairly complex, though in the future it will be abstracted into an API.<\/p>\n<blockquote class=\\\"twitter-tweet\\\" data-conversation=\\\"none\\\">\n<p lang=\\\"en\\\" dir=\\\"ltr\\\">Second big topic is the priority fee\/tip and how high it should be. In short, this value pays miners for the extra risk of having their block uncled when including your transactions. Bigger blocks -> slower to propagate on the network -> higher uncle risk.<\/p>\n<p>\u2014 Tim Beiko | timbeiko.eth \u2600\ufe0f (@TimBeiko) <a href=\\\"https:\/\/twitter.com\/TimBeiko\/status\/1422962462484279300?ref_src=twsrc%5Etfw\\\">August 4, 2021<\/a><\/p><\/blockquote>\n<p> <script async=\\\"\\\" src=\\\"https:\/\/platform.twitter.com\/widgets.js\\\" charset=\\\"utf-8\\\"><\/script><\/p>\n<p>According to <a href=\\\"https:\/\/ethernodes.org\/london\\\">Ethernodes<\/a>, at the time of the hard fork with the update, 78% of nodes were compatible. London supports the following versions of popular Ethereum clients:<\/p>\n<figure class=\\\"wp-block-image size-large is-resized\\\"><img loading=\\\"lazy\\\" decoding=\\\"async\\\" width=\\\"638\\\" height=\\\"317\\\" src=\\\"https:\/\/forklog.com\/wp-content\/uploads\/clients.png\\\" alt=\\\"Ethereum London hard fork\\\" class=\\\"wp-image-144949\\\" style=\\\"width:638px;height:317px\\\" srcset=\\\"https:\/\/forklog.com\/wp-content\/uploads\/clients.png 638w, https:\/\/forklog.com\/wp-content\/uploads\/clients-300x149.png 300w\\\" sizes=\\\"auto, (max-width: 638px) 100vw, 638px\\\" \/><figcaption class=\\\"wp-element-caption\\\">Data: blog.ethereum.org.<br \/><\/figcaption><\/figure>\n<p>From now on, the codebase of the OpenEthereum client, used by more than 14% of nodes, is considered obsolete. The Gnosis team, behind the project&#8217;s development, has terminated its support and <a href=\\\"https:\/\/medium.com\/openethereum\/gnosis-joins-erigon-formerly-turbo-geth-to-release-next-gen-ethereum-client-c6708dd06dd\\\">recommended<\/a> users move to the Erigon client.<\/p>\n<p>Even before London activation, developers warned of a \\&#8221;small mathematical error\\&#8221; in EIP-1559 that does not guarantee access for all nodes to the upgrade. Infura, an infrastructure provider, notified of an emergency patch designed to fix this issue.<\/p>\n<blockquote class=\\\"twitter-tweet\\\">\n<p lang=\\\"en\\\" dir=\\\"ltr\\\">Not only are we ready for the London fork in a few hours, we\u2019ve also rolled out a hotfix to our infrastructure which will protect our users from the issue described below! Thanks to <a href=\\\"https:\/\/twitter.com\/lightclients?ref_src=twsrc%5Etfw\\\">@lightclients<\/a> and <a href=\\\"https:\/\/twitter.com\/gregthegreek?ref_src=twsrc%5Etfw\\\">@gregthegreek<\/a> for flagging it. If your wallet is using Infura, you\u2019re good to go <a href=\\\"https:\/\/t.co\/7jTFyvV7V4\\\">https:\/\/t.co\/7jTFyvV7V4<\/a><\/p>\n<p>\u2014 E.G. Galano (@egalano) <a href=\\\"https:\/\/twitter.com\/egalano\/status\/1423041077074796545?ref_src=twsrc%5Etfw\\\">August 4, 2021<\/a><\/p><\/blockquote>\n<p> <script async=\\\"\\\" src=\\\"https:\/\/platform.twitter.com\/widgets.js\\\" charset=\\\"utf-8\\\"><\/script><\/p>\n<p>Earlier, developer Martin Holst Svende <a href=\"https:\/\/forklog.com\/en\/news\/ethereum-developers-uncover-vulnerability-in-eip-1559\">discovered another vulnerability in EIP-1559<\/a>, which could lead to blockchain overload. He noted that the proposal does not set limits on the maximum amount of such payments. As a result, an attacker could inject an absurdly large number to overload the network, even if they do not have funds to pay.<\/p>\n<p>ForkLog&#8217;s experts interviewed said they disagreed on London\u2019s impact on the prices of the two cryptocurrencies. Some believe that the reduction in ETH supply will positively affect the asset&#8217;s price, while others expect the network to face selling pressure.<\/p>\n<p>In the last 24 hours, Ethereum&#8217;s price rose by 3.9%, according to <a href=\\\"https:\/\/www.coingecko.com\/en\/coins\/ethereum\\\">CoinGecko<\/a>. At the time of writing the asset was trading around $2,600.<\/p>\n<figure class=\\\"wp-block-image size-large\\\"><img loading=\\\"lazy\\\" decoding=\\\"async\\\" width=\\\"1024\\\" height=\\\"502\\\" src=\\\"https:\/\/forklog.com\/wp-content\/uploads\/eth-41-1024x502.png\\\" alt=\\\"Ethereum London hard fork\\\" class=\\\"wp-image-144978\\\" srcset=\\\"https:\/\/forklog.com\/wp-content\/uploads\/eth-41-1024x502.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/eth-41-300x147.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/eth-41-768x377.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/eth-41-1536x754.png 1536w, https:\/\/forklog.com\/wp-content\/uploads\/eth-41.png 1828w\\\" sizes=\\\"auto, (max-width: 1024px) 100vw, 1024px\\\" \/><figcaption class=\\\"wp-element-caption\\\">Hourly ETH\/USDT chart on Binance. Data: <a href=\\\"https:\/\/ru.tradingview.com\/symbols\/ETHUSDT\/?exchange=BINANCE\\\">TradingView<\/a>.<\/figcaption><\/figure>\n<p>London became the second Ethereum hard fork in 2021. In April <a href=\"https:\/\/forklog.com\/en\/news\/berlin-hard-fork-completed-on-ethereum-network-reports-fault\">the Berlin activation took place<\/a>, which changed the gas-cost calculation algorithm and introduced new transaction types. After the upgrade, the network recorded a problem with node synchronization with OpenEthereum 3.2.1.<\/p>\n<p>In an interview with Decrypt, Beiko called failures during London&#8217;s activation &#8216;extremely unlikely&#8217;.<\/p>\n<blockquote class=\\\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\\\">\n<p>\u00abRegarding whether the upgrade will work as intended, I would say that it\\&#8217;s extremely unlikely that it won\\&#8217;t. We conducted a technical and economic audit of the EIP, carried out extensive testing, and confirmed that it works on Ethereum test networks as well as on other blockchains\u00bb, he said.<\/p>\n<\/blockquote>\n<p>According to Joseph Lubin, head of ConsenSys and co-founder of the second cryptocurrency, <a href=\"https:\/\/forklog.com\/en\/news\/joseph-lubin-ethereum-will-be-orders-of-magnitude-larger-than-bitcoin\">Ethereum will become the \\&#8217;economy of the next generation\\&#8217;<\/a> and will be orders of magnitude larger than a \\&#8217;narrow monetary system\\&#8217;.<\/p>\n<p>Read ForkLog&#8217;s Bitcoin news on our <a href=\\\"\/\/telegram.me\/forklog\\\" target=\\\"\u201c_blank\u201d\\\" rel=\\\"\u201cnofollow\u201d noopener\\\">Telegram<\/a> \u2014 crypto news, prices and analytics.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The London hard fork occurred on the Ethereum mainnet at block #12,965,000.<\/p>\n","protected":false},"author":1,"featured_media":47275,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[46,268],"class_list":["post-47274","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-ethereum","tag-hardfork"],"aioseo_notices":[],"amp_enabled":true,"views":"32","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/47274","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=47274"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/47274\/revisions"}],"predecessor-version":[{"id":47276,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/47274\/revisions\/47276"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/47275"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=47274"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=47274"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=47274"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}