In a recent ethereum.org/2024/02/27/dencun-mainnet-announcement” target=”_blank” rel=”noopener nofollow”>advertisementThe ethereum Foundation (eth) revealed that the long-awaited Dencun network upgrade had successfully gone live on all test networks.
The update, scheduled to go live on ethereum main network on March 13, 2024, marks a major milestone in the protocol's efforts to improve scalability and reduce user transaction costs.
ethereum's latest milestone
The Dencun upgrade, following the successful Shapella upgrade last year, introduces several notable changes aimed at improving the efficiency and capacity of the ethereum network.
A key feature is the introduction of temporary data blobs via ethereum Improvement Proposal 4844, affectionately known as “protodanksharding.” This addition is expected to reduce layer 2 transaction feesmaking ethereum more accessible and profitable for users.
Blobs minimize storage and processing requirements by caching data needed for short-term transaction verification, further improving network capacity. transactional capabilities.
As announced, these features are paramount to support the growing ecosystem of decentralized applications (dApps) and adapt to the number of users on the ethereum platform.
Urgent update required
To ensure a smooth transition to the updated mainnet, the ethereum Foundation has issued specifications to the community, particularly stakeholders and node operators. Users are recommended to update their node's consensus and execution layer clients to the specific versions outlined by the Foundation.
Both the beacon node and the validator client must be updated to ensure compatibility with the Dencun update. Failure to participate in the upgrade by using an outdated ethereum client would result in being stuck on an incompatible chain, unable to send Ether, or operate on the post-Dencun ethereum network.
The Dencun update was initially released on the Sepolia testnet in January 2024, following its successful deployment on the Goerli testnet. According to the official statement, this update aligns with the network's broader strategy to address scalability challenges and improve the overall performance of the protocol.
Once fully implemented, the Dencun upgrade is expected to significantly increase eth's transaction processing capacity, which could enable grid to handle more than 100,000 transactions per second.
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Ultimately, the Foundation revealed that “Dencun” for this update follows ethereum's tradition of using star names for consensus and Devcon city names for execution layer updates. “Dencun” is a combination of “Deneb”, a prominent first magnitude star in the constellation Cygnus, and “Cancun”, the location of Devcon 3.
eth, the second largest cryptocurrency on the market, is currently trading at $3,242, reflecting a 3% increase in the last 24 hours and an impressive increase of over 42% in the last 30 days.
Featured image from Shutterstock, chart from TradingView.com
