70% of Ethereum’s Nodes Ready for the ETH London Hard Fork
4 Aug, 2021•2 min read•Ethereum
Barring any unexpected turns of events, Ethereum’s London hard fork should take place later today. This is a much-anticipated event and it seems that 70% of the nodes are prepared for it.Data ethernodes reveals that 70% of the Ethereum nodes are prepared for the London hard fork that’s supposed to take place later today.According to the latest official blog post from Ethereum, the hard fork should go live on block 12,965,000.To be compatible with this upgrade, the node operators would need to update the client version that they run.In essence, the versions that support London on Ethereum’s mainnet are Besu 21.7.1, OpenEthereum v3.3.0-rc.4, formerly known as Parity, and EthereumJS VM v.5.5.0.One of the most anticipated improvement proposals that will be incorporated with the hardfork is the EIP-1559.As CryptoPotato reported earlier in the year, the proposal is essentially “a transaction pricing mechanism that includes fixed-per-block network fee that is burned and dynamically expands/contracts block sizes to deal with transient congestion.”Many see this as the solution to the sky-high Ethereum gas fees. Yet, some remain skeptical.In a report from March this year, CoinMetrics argued that the EIP might not provide the solution many anticipate.
High transaction fees are fundamentally a scalability problem. If Ethereum can only process a few hundred transactions (on average) per block, there’s going to continue to be high fees as lon as dapp usage keeps increasing. Gas prices will continue to be high as long as there’s high competition for block space.