In recent years presentationThe Ethereum (ETH) Foundation announced that the highly anticipated Dencun network upgrade has been successfully activated on all testnets.
Upgrades coming to Ethereum mainnet March 13, 2024 marks an important milestone in the protocol’s efforts to enhance scalability and reduce user transaction costs.
Ethereum’s Latest Milestones
Following last year’s successful Shapella upgrade, the Dencun upgrade introduces several notable changes aimed at improving the efficiency and capacity of the Ethereum network.
One of its key features is the introduction of temporary data chunks through Ethereum Improvement Proposal 4844, affectionately known as “protodanksharding.” Expected to further decrease this time Layer 2 transaction feesIt makes Ethereum more accessible and cost-effective for users.
Blobs minimize storage and processing requirements and further improve network performance by caching data needed for short-term transaction confirmations. trading ability.
As announced, these features are paramount to supporting the growing decentralized application (dApp) ecosystem and accommodating the growing number of users on the Ethereum platform.
Urgent update needed
To ensure a smooth transition to the upgraded mainnet, the Ethereum Foundation has released specifications for the community, especially stakeholders and node operators. Users are encouraged to update their nodes’ execution and consensus layer clients to the specific versions described by the Foundation.
Both beacon nodes and validator clients must be updated to ensure compatibility with: Denkun Upgrade. Failure to participate in the upgrade by using an outdated Ethereum client will result in you being stuck on an incompatible chain, unable to send Ether, or operating on the Ethereum network after Dencun.
The Dencun upgrade was first released on the Sepolia testnet in January 2024, after being successfully deployed on the Goerli testnet. According to an official statement, this upgrade is consistent with the network’s broader strategy to address scalability issues and improve the overall performance of the protocol.
Once fully implemented, the Dencun upgrade is expected to significantly increase ETH’s transaction processing capacity, potentially enabling: network Processes over 100,000 transactions per second.
Related Reading: SEC Vs. Dokwon: Trial begins in absence of Terra founder
Ultimately, the foundation stated that “Dencun” in this upgrade follows Ethereum’s tradition of using star names for consensus and Devcon city names for execution layer upgrades. “Dencun” is a combination of “Deneb,” a prominent first-magnitude star in the constellation Cygnus, and “Cancun,” where Devcon 3 is located.
ETH, the second largest cryptocurrency on the market, is currently trading at $3,242, up 3% in the last 24 hours and reflecting an impressive surge of over 42% in the last 30 days.
Featured image from Shutterstock, chart from TradingView.com