Ethereum Classic devs announce upcoming hard fork
Ethereum Classic gets a major upgrade in July. Here’s how it will save users on gas fees. On Monday, developers of the Ethereum Classic (ETC) blockchain announced a hard fork to implement the project’s latest version, now scheduled for launch in late July. The upgrade, which the community has dubbed "Magneto,” will include the four Ethereum Improvement Proposals, or EIPs, first seen in Ethereum’s Berlin upgrade earlier this year.
These proposals are meant to improve the network’s security, while saving on gas costs by storing addresses and keys in one place for users to access with a single transaction. Beta testing on ETC’s Morder and Kotti testnets began on June 2 and June 9, respectively. The Magneto fork is set to officially occur once these tests have concluded.
Stevan Lohja, developer relations manager for Mantis — a full-featured client and wallet for Ethereum Classic — told the ETC community:
“To ensure a successful fork, we ask ETC consumers to upgrade their node software to a Magneto compatible version if they have not done so already. If you’re not operating nodes or services, but use ETC through other services, then check with that service to ensure they’re supporting the Magneto hard fork.”
Ethereum Classic was originally created under rocky circumstances back in 2016. The protocol forked from the Ethereum (ETH) mainnet due to the $60 million hack of a project known simply as “the DAO” — an early decentralized autonomous organization. Following the exploit, Ethereum’s developers decided to roll back the malicious transactions in an attempt to circumvent the hacker and return the stolen funds to their proper owners.
Some believed that undoing these transactions would in effect override one of Ethereum's core tenets — “Code is law”. These users felt that it was better to accept the loss and learn from the engineering mistakes that allowed the hacker to siphon the funds. As a result, the Ethereum Classic project forked away from Ethereum in an effort to preserve what some felt was the most accurate representation of the project’s blockchain.
Back in May 2021, some Ethereum Classic enthusiasts jokingly referred to the project as “the wrong Ethereum” as the price surged in excess of 300% — perhaps due to new crypto traders confusing it for ETH.
Top Cryptocurrencies with Price Predictions
| # | Crypto | Prediction | Accuracy | CVIX | Price | 24h | 7d | Market Cap | 7d price change | |
| 1 |  BTC |
Bitcoin predictions | 87.2% | 19 | $63 055.19 | 3.05% | 6.65% | $1 241 942 293 193 |  |
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|---|---|---|---|---|---|---|---|---|---|---|
| 2 |  ETH |
Ethereum predictions | 88% | 19 | $3 036.28 | 2.15% | 1.61% | $364 672 605 345 |  |
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| 3 |  USDT |
Tether predictions | 93.2% | 1 | $1.000004 | 0.04% | -0.01% | $110 956 441 363 |  |
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| 4 |  BNB |
Binance Coin predictions | 90% | 17 | $596.03 | 1.34% | 6.34% | $87 966 695 873 |  |
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| 5 |  SOL |
Solana predictions | 80% | 32 | $152.87 | 7.44% | 10.92% | $68 527 408 864 |  |
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| 6 |  USDC |
USD Coin predictions | 93.6% | 1 | $1.000244 | 0.03% | 0.01% | $33 080 284 372 |  |
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| 7 |  XRP |
XRP predictions | 86% | 23 | $0.521031 | 0.74% | 0.52% | $28 843 852 660 |  |
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| 8 |  TON |
Toncoin predictions | 77.6% | 46 | $6.40 | 11.02% | 24.50% | $22 223 641 516 |  |
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| 9 |  DOGE |
Dogecoin predictions | 78.4% | 38 | $0.152117 | 6.16% | 15.15% | $21 939 211 404 |  |
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| 10 |  ADA |
Cardano predictions | 79.6% | 31 | $0.463493 | 2.41% | 1.14% | $16 528 935 422 |  |
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| 11 |  SHIB |
SHIBA INU predictions | 71.6% | 50 | $0.000023 | 4.20% | 2.80% | $13 839 755 862 |  |
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| 12 |  AVAX |
Avalanche predictions | 75.6% | 40 | $35.08 | 3.04% | 4.37% | $13 359 606 036 |  |
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| 13 |  WTRX |
Wrapped TRON predictions | 84.4% | 22 | $0.126397 | 2.81% | 3.02% | $11 059 347 983 |  |
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| 14 |  TRX |
TRON predictions | 83.6% | 21 | $0.126200 | 2.70% | 3.19% | $11 042 027 836 |  |
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| 15 |  STETH |
Lido stETH predictions | 93.6% | 1 | $2 941.39 | -0.40% | -3.32% | $10 258 752 564 |  |
