#ETC Great news for Ethereum Classic! On May 6, the Ethereum Classic DAO (ETC) officially announced the launch of the highly anticipated Olympia upgrade. This is not just a minor change; it is a significant advancement for the Ethereum Classic network, with a series of improvements aimed at optimizing compatibility, introducing sustainable funding, and empowering the community through decentralized governance.

What is the Olympia upgrade and why is it important for Ethereum Classic?

The Olympia upgrade is a multidimensional enhancement of the ETC blockchain protocol. Its main goal is to align Ethereum Classic more closely with the Ethereum Virtual Machine (EVM) ecosystem, thereby facilitating the use of both chains by developers and projects. However, its impact goes far beyond technical compatibility. Olympia lays the groundwork for the sustainability and decentralization of the network by addressing two essential points: funding for future development and direct decision-making by the community.

Imagine that ETC benefits from a major system update that not only fixes compatibility issues but also installs new modules for funding and democracy. The official announcement from the Ethereum Classic DAO highlights the following key elements:

Implementation of EIP-1559

Creation of the Olympia Treasury

Launch of the Olympia DAO

Let's dive into each of these components to understand the full scope of the Olympia upgrade.

Why is the destruction of base fees important? For ETC, as for Ethereum, it creates deflationary pressure on the supply of Ether Classic. As network usage increases, more ETC is destroyed, which can counteract the issuance of new ETC through mining. This mechanism is seen by many as a positive long-term evolution!!!