5th August 2021 - Ethereum London Hard Fork
The second-largest blockchain network, Ethereum, will undergo its London hard fork later this evening, upgrading the network with five Ethereum Improvement Proposals (EIPs), including the much discussed EIP-1559.
The motivation for EIP-1559 is to make Ethereum a better experience for its users. It will do this, in part, by changing how transaction fees are calculated, allowing the network to expand during periods of heavy use, and burning a base fee on every transaction.
The upgrade will take place when Ethereum hits block number 12,965,000, expected around 10:00 PM (AEST).
So how will Cointree customers be affected?
As a result of this upgrade, all deposits and withdrawals of ETH and ERC20 tokens will be suspended from approximately 9:00PM (AEST) tonight, August 5 2021.
Trading of ETH and ERC20 tokens will not be affected.
We appreciate your patience while this upgrade takes place and will update this article once all deposits and withdrawals have been reactivated.