NEW YORK :Ethereum, the second-largest blockchain, went through a major software upgrade on Thursday, which is expected to stabilize transaction fees on the network and potentially reduce supply of the ether token.
EIP 1559 is part of a batch of software upgrades called London. Thursday's Ethereum event is called a London hard fork, which means miners or developers have to download London to remain connected to the network. "Markets have largely priced in the bull case for EIP-1559 earlier this year," said Pankaj Balani, chief executive officer at derivatives trading platform Delta Exchange.
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