The scheduled upgrade on Ethereum Classic known has Phoenix was successfully activated on Ethereum Classic's mainnet at block 10,500,839 which was mined at 2:00 a.m. UTC+2 on June 1. After Atlantis and Agharta, this is the third successful fork of the year, which have all been aimed at improving compatibility between Ethereum and Ethereum Classic. The Phoenix upgrade brought features from ETH's earlier Istanbul fork to ensure that ETH-ETC are now absolutely compatible.
A couple of clients have failed to synchronize with the hard fork, however, as the two main clients Core-Geth and Multi-Geth are working fine this did not cause much of an issue. If you are a node operator and running OpenEthereum a hotfix has already been deployed to solve the problem.
What is protocol parity?
The latest upgrade is the last hard fork in a series of ETC upgrades that have all been aimed at improving compatibility with ETH. We can now say that the two networks at a protocol level are virtually the same and therefore have reached 100% compatibility - while remaining two independent blockchains. This means there should no longer be any technical barriers for developers used to building on Ethereum to port and deploy their existing applications onto Ethereum Classic.
It opens up the doors for more collaboration opportunities, use cases and innovations between the two chains. Team Saturn is working to be an integral part of creating further interoperability between the two chains, with the development of Saturn Protocol v2, which will enable decentralized trading and swaps between ETH and ETC.
ETC/USD price reaction?
ETC is currently trading just over $7 across most major exchanges. Compared to Ethereum which is up by over 23% in the last 7-days, we could say that ETC has not seen much price movement despite the successful upgrade, though it is up by over 8% in the same period. At the end of May it appeared the market was reacting very positively to the planned upgrade, with ETC/USD looking like it was on route to test the $8 price range.
This did not happen, as ETC failed to hold above $7.50 and dropped by over 12% on the day of the upgrade. That being said the price has recovered swiftly and we may see another attempt very soon - especially as the cryptocurrency market as a whole is starting to look bullish.
Future is bright!
New to Saturn Network?
Read more about Saturn Protocol V2 below, an upcoming major exchange protocol upgrade that will bring token to token pairs, automatic market making, DAO activation for community governance, dividends pay outs and much more!