The cryptocurrency exchange Crypto.com announce its support for the EIP-1559, ethereum london mainnet upgrade in a official blogpost.
Ethereum has announced the London Mainnet upgrade. The upgrade will introduce various new features and major upgrades. The upgrade will go live at block height 12965000.
Ethereum will undergo a software upgrade. The upgrade will trim the pace at which the supply of Ether tokens grows. A change called EIP-1559 will split up the roughly 13,000 new Ethers issued each day for miner payment “gas fees” into three parts. The update would also remove the base fees that users pay to process transactions from circulation in a process known as burning.
To ensure the safety of users’ funds during and after the upgrade, both the Crypto.com app and Crypto.com Exchange will temporarily suspend ETH and all ERC20 tokens (e.g. USDT, USDC, etc.) deposits/withdrawals. This would be roughly 2 hours before the target block height 12965000 on 4 August 2021.
The suspension would not affect ETH and ERC20 tokens trading. The exchange would closely monitor the situation. It would resume deposits and withdrawal only when the network proves to be stable.
