TL;DR
- Ethereum announces the next Dencun update to reduce fees in Layer 2, rolling out to testnets such as Goerli, Sepolia and Holesky in the coming weeks.
- The upgrade, happening after Shapella, introduces changes to ETH consensus and execution, highlighting the inclusion of ephemeral “blobs” with EIP-4844 to optimize the network.
- Analysts predict a boost in the crypto, supported by Bitcoin consolidation, interest in the Ethereum Spot ETF and anticipated improvements that could reduce transaction fees by 90%.
In a recent revelation, Ethereum developers have announced crucial details about the upcoming upgrade dubbed Dencun.
Tim Beiko, a lead Ethereum developer, shared the news, reporting that more test blocks are on the way.
Activation on the Sepolia testnet is scheduled for January 30, followed by the Holesky testnet on February 7.
The initial phase of Dencun was successfully deployed to the Goerli testnet on January 17, 2024.
Now, the focus is on the Sepolia and Holesky testnets, which will be updated in the next two weeks.
Activation on Sepolia is scheduled for epoch 132608 on January 30 at 22:51 UTC, while on Holesky it will be at epoch 29696 on February 7 at 11:35 UTC.
The highlight of this update is the introduction of ephemeral data “blobs” through the implementation of EIP-4844, also known as “protodanksharding.”
This innovation aims to significantly reduce transaction fees in Ethereum Layer 2
The Dencun upgrade follows last year’s successful Shapella upgrade and encompasses changes to both the consensus and execution layers of Ethereum.
The developers are carrying out this testing phase on testnets before scheduling deployment on the ETH mainnet.
Ethereum’s Next Big Move Unveiled: Dencun Upgrade Testnets Set to Roll Out, Mainnet Activation Imminent
These changes affect both the consensus and the execution layers, contributing to a comprehensive improvement of the Ethereum protocol.
In the market analysis realm, Michael Van de Poppe, cryptocurrency analyst, predicts significant momentum for the cryptocurrency in the coming weeks.
His forecast is based on several factors, such as possible Bitcoin consolidation interest in the Ethereum Spot ETF, and upcoming upgrades that could reduce transaction fees by 90%.
Additionally, detailed information on client versions supported by the Dencun update is provided on the Sepolia and Holesky testnets.
Validators are urged to carefully consider the risks associated with executing a majority client in the execution or consensus layers.
Ethereum is on the cusp of an exciting evolution with the Dencun upgrade.
Developers are taking significant steps to improve network efficiency, and market predictions suggest positive momentum for ETH in the coming weeks.
Reduced transaction fees and network improvements promise an exciting future for the world’s second-largest cryptocurrency.
