The launch of the London fork at Ethereum had been the most expected Ethereum (ETH/USD) event over several months now and finally this Thursday is happening, according to the countdown of the Ethereum project. Ethereum.org says that the upgrade will come live after block 12,965,000 has been reached, and EIP-1559 will be presented. The website shows that EIP-1559 will reform the market for transaction fees and introduce new changes in the way gas refunds are managed. In addition, the Ice Age schedule will be introduced.

In other words, the way the network is handled by fees is affected by EIP-1559 or the Ethereum Improvements 1559. Upon the upgrade process, the basic fee for each subsequent transaction is reduced by allowing users to opt for a tip which would encourage faster validation, which would be proportionate to the network request. The result is an increase in the number of transactions.

The same upgrade will also introduce other EIPs, although this one is the most anticipated, given the level of ETH transaction fees at certain points this year.

Although the arrival of the London hard fork is certainly a change of the game for Ethereum, one user on Twitter warned that it is not aware of some aspects of what is really happening in pursuit of an ideal solution. The user named korpi stressed in particular that the upgrade would not deflate ETH by default. This will not reduce the supply of Ethereum by 90 percent, commonly known as triple halving. And, above all, Ethereum’s still very bullish. To become an inflationary asset, the user said that the burnt quantity would have to exceed block rewards, which should not happen immediately.

Finally, the London fork, as big as it is, is just another step on the road to Ethereum 2.0 — not the last step. After implementation there is still a great deal of work to be done. However, this move certainly should help control the gas fees, so its importance is in no way diminished.