Ethereum’s Dencun Upgrade Now LIVE!

March 13, 2024 9:07 pm Comments

Ethereum’s Dencun upgrade is now live!

In what is, perhaps, the biggest Ethereum upgrade to date, the Ethereum blockchain is now cheaper than ever to use. Users are reporting using L2s to send ETH for less than a penny.

David Ryan shared his experience: “I have just sent ETH on Optimism for less than a cent, transaction fee was (at current prices) 0.000573 USD. Think about this. Transactions secured by Ethereum, costing essentially zero – this is the dream, and it is now! We are so scaling! Thank you Dencun!”

Another user wrote: “Congrats to all Ethereum developers, builders and users on today’s uneventful Dencun upgrade hehe. More block space on the Web3 mother chain and 10-50x cheaper gas fees on L2’s. Remember, we are still early. WAGMI.”

CoinDesk explained:

Central to the upgrade is the implementation of “proto-danksharding” – a new transaction category that will store data on Ethereum, through the introduction of the data blobs.

The primary benefit of this upgrade will not be for Ethereum users themselves, but mainly layer 2 networks like Arbitrum, Optimism, and Polygon, who help scale Ethereum by bundling up transactions from users and then passing them back to the main blockchain, where they’re settled in big batches.

Powerloom Protocol also announced: “Ethereum’s Dencun hard fork and blobs are here! We at Powerloom are excited to explore the possibilities with blobs. Affordable L2 solutions are just the beginning. Big win for the ecosystem!”

Aylo remarked: “Congrats Ethereum devs on the successful Dencun upgrade. True chads executing complex code flawlessly yet again. Big day for rollups as gas fees now come down significantly. Enjoy the cheaper txns.”

Coin Telegraph spoke with industry insiders and provided another perspective:

“I don’t think this upgrade will significantly impact ETH’s price in the short term,” Ruslan Lienkha, chief of markets at crypto wallet provider YouHodler, told Cointegraph.

“But we may notice an increase in activity on the blockchain. At the same time, I expect ETH’s price to grow in the long term because the upgrade will make ETH much more valuable in the growing competition of new innovative layer 1 blockchain projects.”

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