The largest cryptocurrency by market value was trading close to its highest level in more than two months
Plus: The first hard fork for Ethereum 2.0 is scheduled for testnet activation.
At first glance, EIP 1559 seems to be working effectively. A closer look at the numbers may suggest otherwise.
"The notion of ethereum becoming a deflationary cryptocurrency in the future is now tangible, and the effects on ethereum’s valuation could be profound," said one analyst.
Crypto traders have been hotly anticipating the upgrade while monitoring the deployment for signs of how the changes might affect the pace of new issuance of ether.
Here's what it means and what we're keeping an eye on.
Also: ETH is on a 12-day winning streak in the run-up to the London upgrade.
"The EIP-1559 upgrade is overrated," one trader said.
Plus: The risks and rewards of Ethereum Improvement Proposal (EIP) 1559.
The protocol update includes five Ethereum Improvement Proposals (EIPs), most notably EIP 1559 and EIP 3554.
Also: The amount of ETH held in smart contracts reaches a new all-time high.
Here's a look at the promises of EIP 1559, expected for activation sometime next month.
Maximal Extractable Value (MEV) has netted traders and miners some $1.7 million in profit in the last 24 hours alone.
A large majority of Ethereum miners are against the proposal. But that hasn’t stopped developers from scheduling the upgrade for July.
Breaking down Ethereum 2.0 and its sweeping impact on crypto markets, weekly.