Ethereum Dencun upgrade goes live on the Ethereum mainnet at epoch 269568 at 1:55 pm UTC. The activation and blob in blocks on mainnet happened in just minutes. Another achievement for Ethereum developers and the community, after the last biggest upgrade the Merge.

The word ‘Dencun’ made up of two words, ‘Cancun’ and ‘Deneb’, is Cancun is the name of the execution layer part of the upgrade and Deneb is the name of the consensus layer part of the upgrade.

Ethereum Dencun Upgrade

The Ethereum Dencun upgrade is a major advancement that will have a broader impact on the Ethereum ecosystem. The upgrade will finally deeply EIP-4844, also known as “protodanksharding”, which significantly lowers L2 transaction costs.

The Dencun upgrade combines changes to both Ethereum’s consensus and execution layers: Ethereum developer unveils significant details about the next big thing in discussion in the crypto industry — blobs. The more use cases will have a high cost attached, but developers expect a cost reduction with time.

EIP-1153: Transient storage opcodes
EIP-4788: Beacon block root in the EVM
EIP-4844: Shard Blob Transactions
EIP-5656: MCOPY – Memory copying instruction
EIP-6780: SELFDESTRUCT only in same transaction
EIP-7044: Perpetually Valid Signed Voluntary Exits
EIP-7045: Increase Max Attestation Inclusion Slot
EIP-7514: Add Max Epoch Churn Limit
EIP-7516: BLOBBASEFEE opcode

Ethereum developers Tim Beiko and Terence revealed that blobs are here in Ethereum blocks on mainnet. The first blob was recorded on slot 8626178, as per Beaconch.in data. Blobs persist in beacon nodes, not in execution layer, so the required changes in future will happen to the beacon node. It will enable the execution layer to work on other initatives.

Blobs are short-lived making it easier to keep disk use manageable. This allows blobs to be priced cheaper than CALLDATA, which is stored in history forever.

Dencun went live, we’ve had blobs land in blocks on mainnet .oO

— timbeiko.eth (@TimBeiko) March 13, 2024

EIP-4844 can bring Layer-2 fees down by 80% and enable Ethereum to remain competitive without sacrificing decentralization.

Also Read: Ethereum Dencun Upgrade: Everything You Need To Know

ETH Price to Rally?

ETH price fell under $4000 after the Dencun upgrade, with the price currently trading at $3,989. The 24-hour low and high are $3,831 and $4,083, respectively. Furthermore, the trading volume has increased by 20% in the last 24 hours, indicating a rise in interest among traders

Despite a slight drop in Ethereum price, the sentiment for $5,000 prevails as derivatives data shows strength. Ethereum futures and options open interests are at an all-time high. Deribit options data indicates calls for $4,500 and $5,000 strike prices before March 29.

Also Read: ETH Price Set for $5000 After Ethereum Dencun Upgrade: Derivatives Data

The post Breaking: Ethereum Dencun Upgrade Goes Live, ETH Price Sees Volatility appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am