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Ethereum London Upgrade
Ethereum London Upgrade

Deposits, Transfers and Withdrawals of ETH & ERC20 assets temporarily halted on August 5th for the London Upgrade

Written by Mia Lee
Updated over a week ago

On its way to the moon, Ethereum is making stops in all major capital cities. The next stop on the road trip is London.

To facilitate the upcoming Ethereum Upgrade we will be halting withdrawals, transfers, and deposits of Ether and ERC 20 assets on the 5th of August, 1 - 2 hours before block 12,965,000. You can see which block the network is at here.

Please move your ETH and ERC20 assets to your spot wallet prior to August 5th to ensure smooth trading. If you don't move your ETH and/or ERC 20 assets to the Spot wallet before we halt withdrawals, deposits, and transfers you might experience difficulties when trying to trade.

If you're not planning to trade ETH or ERC20 tokens on the 5th of August, you can leave everything as is.

The London Upgrade

With the London Upgrade will implement various proposals, one of the most prominent being EIP (Ethereum improvement proposal) 1159.

The introduction of a "base fee" in blocks tracking the gas price accepted from transactions on the network will make it a lot easier for users and wallets to estimate what the right price for transactions should be. On top of that, London also adds a way for users to specify the maximum fee they are willing to pay as well as the maximum they're willing to pay to the miner.

Yet, the most exciting new part of the London Upgrade for many traders is the implementation of burns. After EIP-1559 goes live, a part of the transaction fees will be burnt which impacts the total ETH supply. ๐Ÿ”ฅ

If you have any questions regarding the process, the upgrade or what to do with your ETH & ERC 20 assets, feel free to reach out through the chat widget.

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