Ethereum (CRYPTO: ETH) is trading higher Wednesday as investors anticipate the major upgrade coming to the Ethereum network called Ethereum Improvement Protocol 1559, or EIP-1559.
Reports suggest the upgrade will make transaction fees more stable and predictable, as well as reduce the total supply of ether tokens through the introduction of a “burn” feature.
The new Ethereum network, referred to as “Ethereum 2.0” is also expected to reduce the required energy for mining.
The upgrade was originally scheduled to take place today, but it has been delayed until Aug. 5.
Ethereum is a decentralized, open-source blockchain platform, best known for its smart contract functionality and its ability to facilitate the exchange of non fungible tokens.
Price Action: Ethereum surged in popularity this year, trading as high as $4,372.35 before pulling back significantly. It is up 263.17% year-to-date.
At last check Wednesday, Ethereum was up 8.89% at $2,708.66.