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Ethereum's EIP 1559 as Seen by Crypto Twitter

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Fri, 08/06/2021 - 15:26
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Vladislav Sopov
Crypto Twitter is generally optimistic about what's going on with second blockchain after London hardfork
Ethereum's EIP 1559 as Seen by Crypto Twitter
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Ethereum (ETH) has spent its first 24 hours in post-London consensus. Thousands of Crypto Twitter members have shared their views on how to treat this crucial, yet highly controversial, update.

General optimism

Mostly, commentators are enthusiastic about Ethereum (ETH)'s London upgrade and its influence on the second-largest blockchain's operations. Cardano's Charles Hoskinson stressed that this step is of paramount importance for Ethereum's migration from proof of work (PoW) consensus to proof of stake (PoS):

Congratulations to the #ethereum community for the successful activation of the London Hardfork. It's a very significant step towards the agenda of Proof of Stake and great for the industry and environment.

CNBC tech journalist MacKenzie Sigalos emphasized the importance of the updates included in London behind overhyped EIP-1559 implementation:

Digital assets enthusiast Mitchell Hamilton of Animal Concerts foresees that this hardfork is going to trigger a series of notable improvements for the entire worldwide blockchain ecosystem:

What's wrong with fees?

Largely, the Crypto Twitter audience expected that transactional commissions on Ethereum (ETH) would drop once London was activated. However, right after the upgrade, the fees rates skyrocketed.

However, this "upsurge" was largely due to adjustments to the analytical tools (like Metamask): some instruments broadcast broken data about blockchain activity.

Ethereum Foundation coordinator Tim Beiko confirmed that Ethereum (ETH) block mining metrics are almost back to normal in terms of block time and gas fee rates.

Ether surge expected

In terms of Ether price dynamics, commentators are mostly sure that London hardfork activation will send the ETH price over $3,000 shortly:

I've said many times that there will be a massive hype run up for #ethereum towards the London Upgrade. My prediction for a $3000 #eth by the end of this week can still come out.

What is clear is that London activation went almost 100 percent smoothly with no damage to Ethereum (ETH) mining and transactions. So, this is the right moment to check out our comprehensive guide.

Related
Ethereum’s EIP-1559: Comprehensive Guide to London Hardfork

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About the author

Blockchain Analyst & Writer with scientific background. 6+ years in IT-analytics, 3+ years in blockchain.

Worked in independent analysis as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)