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Ethereum London Hard Fork to Go Live Tomorrow on August 5, 2021

Ethereum London Hard Fork to Go Live Tomorrow on August 5, 2021
  • Ethereum London Hard Fork event will occur on August 5, 2021.
  • The event will mainly occur at block height 12,965,000 within the same day.
  • Binance and OKEx exchanges are also preparing themselves.

Finally, the much-awaited Ethereum London Hard Fork implementation has been timed. It will go live on August 5, 2021. Notably, if the time is due, the event will mainly occur at block height 12,965,000 within the same day.  

With this upcoming event, Ethereum will eventually go through the hard fork in two distinct ways. In this essence, the ETH chain would split to enable networks to battle with new tokens or there will not be the issuance of new tokens.

During that time, most exchanges would begin to take withdrawals and deposits again for ETH and ERC20 tokens. Specifically, all these will occur right after the hard fork event. As the Ethereum community is waiting for the hard fork, several exchanges are also preparing themselves.

As a result of the incoming ETH London Hard Fork, Binance announced that it will suspend all ETH transactions. In addition, Binance will also suspend ERC20 tokens deposits and withdrawals tomorrow at 11:45 (UTC).

In doing this, Binance aims to reduce the possibility and likelihood of trading risks. This will occur only if there happens to be creation of a new token at the time of the hard fork. Meanwhile, the ETH London Hard Fork implementation will also affect Binance products. This includes Spot and Margin trading.

Not only this alone, but Binance will further suspend its Crypto Loan service for a maximum of 42 hours. On the other hand, the OKEx exchange said it will give ETH to users if the ETH chain is split for the creation of a new token.

However, OKEx has cautioned that users shouldn’t send ETH during the event. Notably, during the snapshot period, which lasts for 10 minutes.

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Collins Adane is a writer who follows the crypto industry closely. He loves fish stew and Real Madrid. He believes in cryptocurrency’s potential to transform the money landscape in his native country Ghana.