Major upgrade of Ethereum, Dencun, successfully launched on Goerli testnet on the 17th, and this morning Sepolia testnet also completed the upgrade, paving the way for the Holesky testnet upgrade next week (2/7). If everything goes smoothly, the upgrade is expected to be launched on the Ethereum mainnet at the end of February.
(A brief summary:
Progress of Ethereum Cancun upgrade: Sepolia and Holesky testnets to be launched in early February, Dencun on the mainnet at the end of February at the earliest.)
(Background:
Issues with the Ethereum Dencun Cancun upgrade! Two major problems occurred on the Goerli testnet)
After the Shapella upgrade in March last year, the next major upgrade of Ethereum, Dencun, went live on the Goerli testnet on the 17th of this month. Although it initially did not achieve the finality due to low validator participation (about 80%), it eventually completed successfully.
After the successful launch of the Dencun upgrade on the Goerli testnet, the Ethereum Foundation announced again on the 25th that the Sepolia and Holesky testnets will be launched as planned at 6:51 am on January 31st (Taiwan time) and 7:35 pm on February 7th respectively.
As scheduled, the Sepolia testnet officially activated the Dencun upgrade today and completed it quickly in about 12 minutes. Ethereum developer terence.eth happily announced on X:
Now that the Sepolia upgrade is successful, the last testnet, Holesky, will also launch the Dencun upgrade as scheduled on February 7th. If the subsequent upgrade of Holesky goes smoothly, the developers will sign the date to activate Dencun on the Ethereum mainnet. Tim Beiko of the Ethereum Foundation previously revealed that the target is to happen at the end of February.
Dencun Upgrade: Enhanced Scalability and Reduced Transaction Costs
The term Dencun is a compound word composed of Cancun and Deneb. In this upgrade, the “Cancun” upgrade occurs at the Ethereum execution layer, including rule changes for all protocols. On the other hand, the consensus layer responsible for block validation will independently undergo its own fork, which is called “Deneb.” Therefore, it is collectively referred to as “Dencun.”
The Dencun upgrade includes multiple updates, and the most notable core proposal is EIP-4844: Proto-Danksharding, which introduces a new transaction type called Blob for “temporary” storage of transaction data (Blob can be deleted after 18 days), greatly enhancing the scalability of Ethereum and expected to reduce Layer2 transaction costs by 10-100 times.
The Dencun upgrade also includes several other proposals, such as EIP-1153, which introduces a “temporary storage” system to further reduce costs, and EIP-4788, which enhances transparency by storing the root of each beacon chain block in smart contracts.
Ethereum knocking on $2400
Ethereum (ETH) may be driven by the Cancun upgrade and Standard Chartered Bank’s prediction last night: Ethereum spot ETF will be approved by the SEC on May 23rd, with an optimistic forecast of $4,000 for ETH, reaching a high of $2,391 in the morning.
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Ethereum Goerli testnet “Launched Cancun Upgrade on 1/17,” mainnet at the end of February at the earliest
Dencun Cancun upgrade is coming: How will the new EIP proposals change Ethereum?
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