London Hard Fork Was Launched on Ethereum mainnet! What Has Changed?
The London hard fork was launched on the Ethereum mainnet at block #12,965,000.
As part of the update, five main proposals for improving the Ethereum network (EIP) were implemented: delaying the activation of the “complexity bomb” until December 1, 2021 (EIP-3554); a ban on the deployment of new smart contracts whose addresses start with byte 0xEF (EIP-3541); reduction of gas compensations (EIP-3529); determination of the operation code that returns the base commission of the block in which it is performed (EIP-3198); burning part of transaction fees depending on network load and reducing gas price volatility (EIP-1559).
These updates have been approved by the developers and users. However, miners were divided in their assessments over the EIP-1559. Some wanted to focus more than 51% of their computing power on this update. But this was not done.
According to experts of the Compass company, the activation of EIP-1559 can lead to a decrease of miners’ income by 20-30%. The proposal will increase the share of revenues from block mining, and the decrease in transaction fees will compensate for the rise in the price of the cryptocurrency.
Developer Tim Beiko believes that with the London update, the gas limit in Ethereum in practice will not exceed 50% of the actual limit. And the miners should focus on this factor in order to maintain the same network bandwidth.
Beiko also gave some guidelines for calculating tips that can now be paid to miners in order to prioritize the addition of time-dependent transactions. According to him, this is a rather complicated process, since MEV (miner extractable value) varies greatly. But in the future it will be “abstracted into the API”.
According to Ethernodes, 78% of the nodes were compatible with the update when the hard fork was launched. London supports the following versions of popular Ethereum clients:
Now the codebase of the OpenEthereum client, which is used by more than 14% of the nodes, is considered obsolete. The Gnosis team has ended support for it and recommended users to switch to the Erigon client.