When is the eth London upgrade time? What impact will the London upgrade have on Ethereum?

Ethereum London upgrade was completed at 20:33 Beijing time on August 5, 2021 (12:33 UTC time), with a block height of 12,965,000. This upgrade mainly changes the fee model through EIP-1559, splitting transaction fees into basic fees and tips, and introducing a "slack mechanism" to improve transaction efficiency, thereby reducing fee volatility and uncertainty. In addition, the London upgrade has also increased the deflation pressure of ETH, delayed the difficulty bomb, and optimized network security, smart contract development, etc., such as providing basic fee access through EIP-3198, and restricting the deployment of specific contracts. But the upgrade also leads to a decrease in miners' income, which may affect network computing power.

When is the upgrade time for eth London?

Ethereum London upgrade time is 20:33 Beijing time on August 5, 2021, and the corresponding UTC time is 12:33 12. At this time, the Ethereum network reached a block height of 12,965,000, activated the upgrade.

Ethereum London upgrade has had many impacts on Ethereum, mainly including the following points:

Fee mechanism and transaction experience

• Change the fee model: Introduce EIP-1559 to split transaction fees into basic fees and tips. The basic expenses will be automatically adjusted according to the network congestion. When the network is congested, the basic expenses will increase; when the network is idle, the basic expenses will decrease. Tips are used to reward miners and motivate them to prioritize package transactions. This allows the estimation strategy of transaction fees to be moved inside the protocol, providing traders with more predictable trading quotes and reducing the volatility and uncertainty of fees.
• Improving transaction efficiency: EIP-1559 introduces a "slack mechanism", allowing some blocks to become larger and others to become smaller, to deal with network congestion, reduce unnecessary delays, and improve the speed and efficiency of transaction confirmation.

Economic model

• Increased deflation pressure: EIP-1559 will destroy the basic expense part. As Ethereum online transactions increase, the amount of destroyed ETH will also increase, which to a certain extent reduces the supply of ETH and increases deflation pressure. According to etherchain.org data, after the London upgrade went online, the supply of new ETH from block rewards decreased by about 33% per day within 6 days of the hard fork.
• Enhanced potential value: Deflationary characteristics will theoretically make ETH more scarce, which will be conducive to ETH value support in the long run. As the use of the Ethereum network increases and transaction activity increases, the increase in the amount of ETH destroyed will increase the market's value expectations for ETH and attract more investors to hold ETH.

In terms of network security and stability

• Solve economic abstraction problems: Before the implementation of EIP-1559, Ethereum transaction fees may not be paid with ETH, but can also be paid with other stablecoins, etc., which will threaten the location of the native token ETH in the network and is not conducive to network security. After implementation, the basic expenses need to be paid with ETH, which to a certain extent solves the "economic abstraction" problem and enhances network security.
• Post the difficulty bomb1: EIP-3554 postponed the difficulty bomb to December 1, 2021, and bought more time for the Ethereum network from Proof of Work (PoW) to Proof of Stake (PoS), avoiding problems such as the sharp increase in mining difficulty and longer block time caused by the detonation of the difficulty bomb, ensuring the stability and normal operation of the network during the transition period.

Miners and computing power

• Reduced miner income: The destruction of basic expenses makes miners only receive the tip part as transaction fee income, which is significantly reduced compared to before the upgrade, which may lead to operational difficulties for some miners or mining pools, and arouse dissatisfaction and boycotts of miners.
• Computing power adjustment: Due to the decrease in mining income, some miners may choose to withdraw from the Ethereum network or turn to mining in other cryptocurrencies, resulting in changes in the computing power of the Ethereum network. At the same time, upgrades also reduce the network's demand for computing power, and investing in devices with more powerful computing power may become unprofitable, thereby reducing the waste of computing power on the entire network.

In terms of smart contracts and development1

• EIP-3198 provides basic fee access : Added opcode BASEFEE, smart contracts can obtain basic fees from the chain, help submit fraud proofs and create trustless gas price derivative operations, providing more convenience and functional support for smart contract development.
• EIP-3529 Reduce Refund Optimization Status: Removed gas refunds from SELFDESTRUCT and reduced gas refunds with SSTORE opcodes, reduced Gas tokens using the refund mechanism to block the network status, avoided changes in block execution time caused by refunds, and improved the stability and predictability of smart contract execution.
• EIP-3541 Restricts the deployment of specific contracts: The network will reject newly created smart contracts starting with 0xEF bytes, laying the foundation for the EVM virtual machine improvement proposal described in EIP-3540, standardizing the deployment of smart contracts, and improving the compatibility and security of contracts

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