Ethereum Dencun Upgrade: Everything You Need to Know Before the Launch Today
Ethereum (ETH) users are gearing up for the highly anticipated Dencun upgrade , which is set to introduce the most significant code change to the blockchain in over a year and potentially have an impact on Ethereum fees.
Dencun, scheduled to commence in less than two hours , is a combination of the project names Deneb and Cancun and includes two simultaneous upgrades on Ethereum’s consensus and execution layers.
The “hard fork” aims to introduce a new era of reduced fees for Ethereum Layer 2 (L2) rollups.
These changes will be accompanied by the activation of a new Ethereum Improvement Proposal (EIP) called “proto-danksharding” or EIP-4844, which aims to enhance the chain’s capacity to handle data from L2 networks.
While elements of the Dencun upgrade have been in the works for several years, developers postponed its implementation from the original target of late 2023 due to engineering concerns.
Subsequently, the package underwent testing on three separate test networks (testnets), with the majority of these tests running smoothly.
Dencun is Ethereum’s most substantial update since the Shapella upgrade in April 2023, which enabled the withdrawal of staked ether (ETH).
The upgrade encompasses several code changes, with the most significant being “proto-danksharding,” introducing a new method called “blobs” for storing transaction data on Ethereum.
Layer-2 networks such as Arbitrum, Optimism, and Polygon will benefit the most from Dencun.
These networks help scale Ethereum by aggregating user transactions and then submitting them to Ethereum for settlement in large batches.
Over the past year, they have become the primary platforms for transacting on Ethereum, accumulating billions of dollars in
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