Breaking: Ethereum Dencun Upgrade Goes Live, ETH Price Sees Volatility

10 months ago 4

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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.

Ethereum blobs

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.

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