Ethereum Classic initiates Olympia Upgrade, implements EIP-1559

On May 6, the Ethereum Classic (ETC) DAO announced via its official Medium blog that the Olympia Upgrade has officially commenced. This upgrade introduces a series of critical enhancements aimed at improving compatibility with the Ethereum Virtual Machine (EVM) ecosystem, while also establishing a foundation for sustainable on-chain governance and funding. Key components of the Olympia Upgrade include: - Implementation of EIP-1559, which introduces a restructured network fee model and burn mechanism - Establishment of the Olympia Treasury - Launch of the Olympia DAO The Ethereum Classic DAO emphasized that on-chain governance platform Olympia DAO enables members of the ETC community to actively participate in proposal voting and decision-making processes.