Ethereum (ETH) London Hardfork Would Make These Tokens Obsolete

Published by
Ethereum (ETH) London Hardfork Would Make These Tokens Obsolete

The world’s second-largest cryptocurrency Ethereum is heading for a major on-chain upgrade with the upcoming London Hardfork. The upgrade is scheduled to take place by August 5 which would solve the long-pending gas fee problem on the network and also make Ether supply deflationary. Crypto enthusiasts are eagerly waiting for the upgrade and hope it would bring a positive impact on the token price. However, the London Hardfork is not good news for everybody as several gas tokens will go obsolete.

1Inch, a popular DEX protocol revealed that the upcoming upgrade on the Ethereum blockchain would make two of its popular transaction tokens useless. The tokens would be Ethereum gas token GST2 and an improved version of the same developed by 1Inch network called CHI. The firm revealed the news in an official blog post which read,

“As transparency has always been a major value for the 1inch Network, it is essential to share with you that the upcoming Ethereum upgrade, known as the London hard fork, will have an impact on some of the network’s tokens, making them obsolete.”

The reason for obsoleteness is the implementation of EIP-1559 that would remove the need for traders to incentivize miners. Both these tokens were used as gas reward tokens for paying miners. After the implementation, traders would directly interact with the network and pay gas fees to the network instead of miners. The network would decide a base price for processing transactions and that would be transferred to the miner’s account. The remaining ETH would be burnt, removing it completely from the circulating supply.

Advertisement

ETH Price Eyes New Monthly High

Ether’s price has recovered along with the other crypto tokens over the past week, registering a new monthly high of $2,695. The price of ETH is currently trading above $2,500 and investors hope for a new monthly high in the coming days in anticipation of a successful upgrade.

Source: TradingView

The world’s second-largest cryptocurrency has 42.62% from its all-time high of $4,362, but hopes for another leg of bullish price action is quite high given the blockchain is nearing its transition from Proof-of-Work to Proof-of-stake.

Share
Prashant Jha

An engineering graduate, Prashant focuses on UK and Indian markets. As a crypto-journalist, his interests lie in blockchain technology adoption across emerging economies.

Published by
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Recent Posts

  • Bitcoin News

Bitcoin Treasuries Add Nearly $1B BTC This Week as Holdings Cross 1M BTC

This week, corporate Bitcoin treasuries exceeded 1 million BTC in total holdings. From September 1…

September 7, 2025
  • Bitcoin News

Peter Schiff Criticizes Bitcoin’s Performance Following Gold’s Rally To New ATH

Popular gold advocate Peter Schiff has criticized Bitcoin’s weakness against gold, calling it near bear…

September 7, 2025
  • Bitcoin News

Arkham Uncovers $5 Billion in Untouched Bitcoin From Germany’s Movie2K Seizure

Arkham Intelligence has identified 45,000 Bitcoin (BTC), valued at nearly $5 billion, that remains untouched…

September 7, 2025
  • 24/7 Cryptocurrency News

Ethereum Spot ETFs Record $447 Million in Outflows Amid Crypto Market Decline

Ethereum ETFs faced a sharp investor pullback this week, shedding nearly half a billion dollars…

September 6, 2025
  • 24/7 Cryptocurrency News

World Liberty Financial Discloses Reason for Blacklisting 272 Wallets

World Liberty Financial (WLFI) has confirmed that it blacklisted 272 wallets and explained why it…

September 6, 2025
  • 24/7 Cryptocurrency News

September 50 BPS Fed Rate Cut Odds Climb Ahead of CPI, PPI Data

Traders are beginning to price in the possibility of a 50 basis points (bps) Fed…

September 6, 2025