As Ethereum’s latest hard fork upgrade, dubbed “London,” officially activated on the network, top analyst Elliot Wainman says that Ethereum (ETH) is mooning and recovering the entire crypto market.
The second-largest cryptocurrency across the globe, Ethereum, on Thursday underwent a much-awaited update called ‘London Hard Fork’.
The update is expected to further revolutionize the Ether blockchain. Despite the delay in the launch, industry experts are describing the transformation as completely renovating your house while continuing to live in it.
“If you think of ethereum like a highway, London is adding a few lanes to tamp down traffic and is standardizing toll prices,”
With the new update, the base fee from each Ethereum transaction gets burned, deflating the supply of ETH. In the meantime, the price of ETH has jumped more than 16.5% in the last 7 days.
According to the trader, Ether has burned more than $1 million worth of ETH within the first three hours of EIP-1559 going live.
“Some of the biggest ETH burners so far have been Uniswap, OpenSea, and Tether,”
The trader says that as the London upgrade has been a success, and now all eyes are on the even more eagerly awaited merge with Eth2: “The successful deployment of the London upgrade is proof that the Ethereum ecosystem is able to make significant changes.”
Once merged, the new mainnet will have the ability to run smart contracts on PoS, eliminating the power-hungry mining operations and potentially lowering the network’s energy consumption by 99%.
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