Ethereum London Hard Fork — Supported by ICONFi!
Dear ICONFi users,
We are proud to announce that ICONFi has integrated support for the Ethereum London hard fork.
Ethereum’s “London” hard fork activated at Block 12,965,000 at 12:34 UTC on August 5 2021. This is the 11thhard fork to be implemented for Ethereum and one of the most exciting. Most of the attention is geared towards Ethereum Improvement Proposal (EIP) 1559, which changes the way gas fees are estimated.
EIP-1559 was designed to give the Ethereum network more capacity to process transactions. Previously, users would participate in an open auction to determine gas fees for conducting Ethereum transactions. Many users would take a blind guess at how much gas they should be paying to ensure their transactions were processed.
EIP-1559 changes this system by removing the blind auction system and introducing a base fee structure. Ethereum’s protocol determines a transaction fee algorithmically, based on network demand. This should prevent giant bumps in gas price caused by influxes of transaction volume.
Users can still pay more than the base rate by ‘tipping’ miners to process their transactions faster.
Interestingly, the base portion of transaction fees does not go to miners and is instead burned. This adds deflationary pressure to the price of ETH, though the gas burn rate is unlikely to outpace network inflation.
What does this mean for ICONFi users?
As a user of ICONFi, you do not need to take any additional action.
We have incorporated the changes of the London Hard Fork into our system architecture, so you can continue to enjoy ICONFi’s industry-leading crypto yields.
Depending on the congestion of the Ethereum network, depositing ETH into ICONFi may become more affordable or consistent.
We are proud to ‘make crypto simple’ by continuing to incorporate the latest updates into our application.
ICONFi is a digital asset savings platform that provides simple & intuitive earn products so that anyone can easily multiply crypto assets. ICONFi aims to simplify the complicated processes often associated with crypto assets and offers a sleek, straightforward user interface which supports saving, staking and airdrop activities at the palm of your hand.