After Ethereum Istanbul hard fork went live, many of the famous crypto exchanges have made an announcement supporting it.

Many miners and node operators collaborated to update Ethereum’s software to support the new Istanbul hard fork. Six upgrades were added to the network at block number 9,069,000.


What is Hard Fork?

The changes made to the network’s protocol to create new rules that will define which of the blocks and transactions on the network are valid are referred to as a hard fork. The decentralized nature of a blockchain makes it important for all the people involved in it to work together to make the change possible.

Every member/ party involved in the blockchain has to agree to the changes, and the developers will program them into the respective systems.

Coming to Ethereum, Nethermind, Parity, and Geth are the parties involved in the process. Ethereum had seven hard forks changes made to its network including Spurious Dragon, Constantinople, and Byzantium.


Support from Major Exchanges

On 5th December, Binance has made an official announcement that it will support the latest update by Ethereum. The withdrawals and deposits were suspended for the time being (on Dec 7th). The announcement said that the trading of ETH will not be affected during the upgrade. The withdrawals and deposits will be reopened once the upgrade is successful and the network is stable. Binance U.S made a similar announcement a day before, i.e., on 4th December.

Coinbase shared a tweet to inform investors and traders that Ethereum Mainnet has been successfully upgraded. The tweet also included that the deposit and withdrawal transactions have been re-enabled following the upgrade.

Poloniex also made a Twitter announcement showing its excitement to support the Istanbul hard fork update of Ethereum. The tweet mentioned that the process was successful, and customers can deposit and withdraw ETH and ERC20 tokens as before.

Karken shared stage-wise updates about the Ethereum Istanbul hard fork upgrade, showing that the website has successfully completed the process.

Bitfinex, yet another crypto trading firm, has supported the Istanbul upgrade and announced that it has scheduled an upgrade on 7th December. The deposits and withdrawals have been temporarily suspended during the upgrade.

Details of Ethereum Istanbul Upgrade

Six major upgrades have been made to the Ethereum Improvement Protocols.

  • EIP-152: Enabled BLAKE2b hash function to run for cheap on Ethereum. It will result in increased interoperability between Ethereum and Zcash.
  • EIP-1108: the alt_bn128 precompile gas costs have been reduced to encourage privacy and scaling solutions.
  • EIP-1344: Chin ID-based opcode will make it easy to implement chain ID changes and allow developers to access and validate the chain ID.
  • EIP-1884: The prices for resource-intensive opcodes will be increased to balance the investment and return.
  • EIP-2028: Gas cost for transaction data has been reduced to fit more information into a single block.
  • EIP-220: A structured definition for net gas metering on SSTORE has been proposed.

The overall process of upgrading was smooth, without any incidents being reported.

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