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Ethereum core developer Tim
Beiko officially announced on Thursday (7/15) that the Ethereum mainnet is ready to launch the London hard fork (London). The exact deployment time will be at block height 12,965,000, which is expected to fall around August 3-5.

After completing the London upgrade of three testnets including Ropsten, Goerli and Rinkeby in sequence, the Ethereum Foundation officially issued an announcement on the deployment of the mainnet yesterday. The London hard fork was Ethereum’s outpost towards 2.0 and received widespread attention due to the introduction of the controversial EIP-1559 proposal.

Tim
Beiko reminded in the announcement that in order to be compatible with the London upgrade smoothly, regardless of whether they use geth, Nethermind or OpenEthereum, each node needs to ensure that the client version they are running supports this hard fork before the mainnet upgrade.

It is worth noting that the OpenEthereum client development team led by Gnosis announced in early June that it had joined the former Turbo-
Geth's client, Erigan, is expected to abandon library maintenance for the existing client after the London upgrade, and the two parties are still coordinating the migration path.

In addition, Tim Beiko said that in order to increase user attention to this upgrade, all bug bounties related to the London hard fork will be doubled until the upgrade occurs.

EIP-1559, EIP-3554

The London upgrade is expected to introduce 5 EIP proposals, of which the most popular ones are EIP-1559 and EIP-3554.

EIP-1559 aims to change the fee structure of Ethereum by splitting the fee into a base fee.
fee) and mining fees, and destroy part of the basic fee to achieve deflation of Ethereum (ETH). The proposal is expected to reduce Ethereum's high handling fees; however, it will also lead to a sharp drop in miners' income, so the proposal was controversial at the beginning.

According to Tim Beiko, under the current Gas limit, Ethereum 1.0 using Proof of Work (PoW) will have a base fee of 150
gwei, the deflationary effect is achieved; and the Proof of Stake (PoS) of Ethereum 2.0, based on the daily circulation of approximately 1,100 Ether coins (ETH), can achieve results with only 11gwei.

Having said that, considering that Ethereum 1.0 must eventually be integrated with 2.0, the PoS issuance volume may increase, and the base fee requirements may also increase accordingly.

EIP-3554, on the other hand, aims to delay the Ethereum difficulty bomb named Ice Age. The difficulty bomb is a protocol-level algorithm that artificially increases the difficulty of producing blocks under the PoW consensus mechanism. It is expected to effectively promote the transition of miners from PoW to PoS.

Since the development progress is not yet complete, the Ethereum core development team decided to postpone the detonation of the difficulty bomb to December 1 through EIP-3554 after evaluation.