Ethereum Prepares for Dencun Upgrade, Aims to Reduce Transaction Costs
Summary:
The Ethereum network is set to launch its Dencun upgrade on the mainnet on March 13. The upgrade introduces proto-danksharding and blobs, designed to reduce transaction costs on Ethereum's layer-2s. This crucial upgrade could decrease rollup expenses by up to a tenth, marking a significant development in Ethereum's goal to make transactions cost-effective. The date was confirmed following Dencun's successful deployment on the Holesky testnet.
The Ethereum network is poised for its Dencun upgrade, which is slated for initiation on its mainnet on March 13. This upgrade introduces buzzwords like proto-danksharding and blobs aimed at reducing transaction fees on Ethereum's layer-2s. The hard fork is anticipated to occur at 13:55:35 pm UTC, as specified by Ethereum infrastructure outfit, Nethermind on February 8. Ethereum core developer, Tim Beiko, pointed out this coincides with slot 8626176 on the Ethereum network.
Ethereum developers confirmed the date during an “AllCoreDevs” meeting on Feb. 8, following the successful roll-out of Dencun on the Holesky testnet the day before. Proto-danksharding is a sharding model that incorporates “blob-carrying transactions” to produce more block room on Ethereum's layer-2s. Blob-carrying transactions are identical to standard transactions with the addition of an extra chunk of data. Proto-danksharding will cap each block to a maximum of 16 blobs, each restricted to 128 KB, as per Blocknative. This is projected to contribute approximately 2 MB of block space.
Optimistic and zero-knowledge rollups will have the ability to use the additional data capacity to publish commitments to transaction data on-chain while availing the true data in data blobs instead of calldata, thereby making Ethereum rollup transactions considerably cheaper.
Vitalik Buterin, a well-known Ethereum creator, indicated that Ethereum will not succeed without the provision of adequate scaling framework to make transactions cost-effective. He suggests that Ethereum will falter if each transaction is priced at $3.75 ($82.48 in the event of another bull run), and mass market products inevitably dismiss the chain while adopting centralized alternatives for everything. Buterin made these comments in June last year. Successful execution of Dencun on the Ethereum mainnet has the potential to slash rollup expenses by up to a tenth, according to Philippe Schommers, Head of Infrastructure at Gnosis, in a recent conversation with Cointelegraph.
Dencun, merging the Cancun and Deneb upgrades, is regarded as Ethereum's most pivotal upgrade since the Shapella upgrade unveiled last April. The latter allowed for the first-time unstaking of Ether (ETH) from the Beacon Chain, since the proof-of-stake chain was inaugurated on December 1, 2020.
Published At
2/9/2024 2:53:23 AM
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