Ethereum Dencun Upgrade 2024: Prepare for Biggest Update Since the Merge
Mar 14, 2024
It is a historic day for Ethereum, the world’s leading smart contract platform, as it is on the brink of its most significant upgrade since the Merge.
As the Ethereum all-time high price moves above $4,000, anticipation grows for the Dencun upgrade scheduled for March 13, 2024. This upgrade promises to revolutionise Layer 2 (L2) networks and potentially propel Ethereum to new all-time highs.
The Dencun upgrade, also referred to as the Deneb-Cancun upgrade, encompasses nine Ethereum Improvement Proposals (EIPs), with EIP-4844, or proto-danksharding, standing out as the headline act.
This eagerly awaited upgrade is expected to seriously decrease gas fees on L2 networks, addressing a long-standing concern within the ETH society.
What is the Concept of ETH Deneb-Cancun Upgrade?
The Dencun upgrade marks the initiation of “The Surge” era in the Ethereum roadmap, prioritising scalability to achieve unprecedented transaction throughput. Among the nine EIPs, EIP-4844 introduces temporary storage space called “data blobs” for L2 networks, enhancing data availability capacity on the Ethereum mainnet.
This enhancement is dignified to lower gas fees on L2 networks, revolutionising user experience and enabling Ethereum to compete with global payment giants.
When is Ethereum Dencun Going Live?
The Eth Dencun upgrade went live on March 13, 2024, at “Beacon Slot 8626176.” The deployment is scheduled for 9:55 a.m. ET / 1:55 p.m. GMT, marking a pivotal moment in Ethereum’s journey towards scalability and efficiency.
Ethereum Dencun EIPs Explained
The nine EIPs included in the Dencun upgrade offer a comprehensive overhaul of Ethereum’s infrastructure. From optimising gas fee usage with EIP-1153 to enhancing cross-chain communication with EIP-4788, each proposal plays a crucial role in Ethereum’s evolution towards full danksharding.
Key Benefits of the Ethereum Next Upgrade
The Dencun upgrade promises several benefits, including enhanced scalability, reduced gas fees, improved security, and better cross-chain communication. These enhancements set the stage for Ethereum’s transition towards full danksharding, a monumental achievement in blockchain scalability.
What the Experts Say About this Upgrade?
Experts have expressed optimism about the Dencun upgrade, highlighting its potential to decongest the Ethereum mainnet and lower gas fees for users. However, some caution that the upgrade may not directly impact gas fees on the mainnet, underscoring the complexity of Ethereum’s scalability challenges.
Ethereum’s Future
In parallel with the Ethereum Dencun upgrade, excitement mounts within the Ethereum community. With its prospect to revolutionise L2 networks and drive ETH prices to new heights, this upgrade represents a significant milestone in Ethereum’s path towards scalability, efficiency, and innovation.
As the Dencun upgrade countdown has now ended, all eyes are on Ethereum and its future.
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