- The final Ethereum testnet has been upgraded.
- Ethereum’s TVL has added nearly $3 billion over the past three days.
According to a recent report, Ethereum (ETH) developers have reached the second phase of the Dencun mainnet upgrade.
Holesky gets Ethereum upgrade
Recently presentation The final deployment as expected from the Ethereum developers has been successful.
On December 7, the Dencun upgrade was deployed to the Holesky testnet, completing the final testnet deployment ahead of mainnet launch.
The staged upgrade implementation was pre-deployed on the Goerli testnet on January 17th and on the Sepolia testnet on January 30th.
Additionally, Ethereum’s last significant upgrade, Shapella, took place in March 2023, allowing users and validators to withdraw their staked ETH.
A future upgrade featuring proto-dank sharding (EIP-4844) will enable temporary storage and retrieval of off-chain data by Ethereum nodes.
This improvement significantly reduces transaction costs for decentralized applications (dApps) on the network.
The benefits extend to Layer 2 rollup chains, facilitating more cost-effective and scalable data processing.
Ethereum’s TVL Increase
Despite expectations that the Dencun upgrade would reduce transaction fees for layer 2 solutions (L2), the Total Value Locked (TVL) on the Ethereum network has recently increased.
AMBCrypto’s examination of DefiLlama’s data shows that TVL began its growth trajectory around October 2023.
More substantial increases have been observed recently, with an increase in value of approximately $3 billion between February 5th and 7th.
Additionally, the chart shows that as of February 5, TVL was approximately $32.8 billion. At the time of this writing, it has risen to approximately $35.3 billion.
Source: DefiLlama
ETH maintains new price zone
On the daily chart, Ethereum experienced a notable rise of over 3% on February 6th. This was the first price increase this month, bringing the price up to about $2,372.
Realistic or not, here is the ETH market cap in BTC terms:
At the time of writing, Ethereum was still maintaining the same price range. We can also observe small decreases of less than 1%.
The recent uptrend has moved the trend above the neutral line of the Relative Strength Index.
Source: Trading View