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Ethereum Hard Fork

The London Hard Fork is the latest upgrade to the Ethereum blockchain platform. This will occur at a block height of 12,965,000 or at approximately 9:55pm AEST.  

This Hard Fork contains 5 Ethereum Improvement Proposals (EIPs) which each feature changes to Ethereum’s code. The aim of the upgrade is to improve the efficiency of the world’s second-largest cryptocurrency by market cap.  

One of the most controversial EIPs is the 1559 which will burn a portion of the fees currently collected by miners, reducing the income they generate from the network. There are benefits to this; this could result in a price boost for ETH as its circulating supply will be reduced over time. Additionally, this is likely to make transaction fees more predictable for people who use the Ethereum blockchain platform. 

How will this affect Swyftx customers?

ETH deposits and withdrawals 

Due to maintenance required for the Ethereum London Hard Fork, deposits and withdrawals of ETH and all ERC20 tokens will be suspended from approximately 9:30pm (AEST) on Thursday (05/08/2021). However, trading of ETH and all ERC20 tokens during this time will remain unaffected. Please ensure that you leave enough time for your ETH and ERC20 transfers to be processed. 

Trading 

This upgrade won’t affect trading. Customers can still buy, sell and trade ETH and ERC20 tokens during this time. Please be aware that price volatility is often high during these hard forks.  

Written by Katya

Written by Katya

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