1inch Network London Hard Fork

Published on: 03.08.2021

1inch Network announced that Ethereum’s London hard fork will make some tokens useless, among them will be gas tokens GST2 and CHI.

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.

Among those assets affected by the hard fork, will be Ethereum’s gas token GST2 and its improved version developed by the 1inch team — CHI.

The London hard fork will do away with the current system, under which gas tokens were used to incentivize users to remove data from the network, which they no longer needed.

Tim Beiko, a core developer with the Ethereum Foundation, told The Decrypt Daily podcast last month that while the idea of gas tokens was in theory good, it was more often used by developers to take advantage of low gas fees on the network and fill it with “basically junk data.”

According to Beiko, gas tokens “will become useless after London.”

The long-awaited Ethereum London hard fork, which is part of the roadmap to the final Ethereum 2.0 release in 2022, is slated for August 5.

Meanwhile, the 1inch Network has always been focused on enabling users to save on gas costs. Even though CHI will no longer be useful, there are other initiatives, such as the recently announced gas refund program.