Wed. Jun 12th, 2024

Ethereum Developers Release ‘Dencun’ on Testnet Sets March 13 for Mainnet

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The timing for the long-awaited Dencun upgrade was reportedly announced Thursday on a call with top developers for the Ethereum blockchain.

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Key Facts About the Dencun Upgrade

  • The Dencun upgrade will reduce costs for layer-2 transactions in the blockchain’s biggest changes since April 2023.
  • Dencun was successfully deployed Wednesday on the third of three test networks.
  • It will reduce costs for the availability of data on the Ethereum blockchain.

When is the Upgrade?

Ethereum developers set a target date of March 13 for its long-awaited Dencun upgrade the “proto-dank sharding” feature. 

The Dencun upgrade is supposed to reduce costs for transactions on auxiliary “layer-2” networks built atop Ethereum, by providing a dedicated space for data storage.

The decision was communicated during the all-core developer’s consensus layer call 127 – just one day after the upgrade was successfully added to the Holesky testnet, the third of three test networks, without any hiccups.

The precise moment of the Dencun upgrade on the main Ethereum network – also known as a “hard fork” – will trigger when the blockchain reaches slot 8626176, occurring at 13:55 UTC on March 13.

February Outlook – Ethereum Dencun Upgrade:

Coinex reports also shared updates on the anticipated Dencun upgrade suggesting a potential range-bound price movement on auxiliary Layer 2 chains like Optimism and Arbitrum.

“We’re excited about the forthcoming Dencun upgrade, poised to significantly boost the Layer 2 ecosystem, benefiting networks. Despite the favourable sentiment, the anticipated price correction may be limited, with potential for range-bound movement in Optimism and Arbitrum. Anticipate increased attention and speculation within the ecosystem following this noteworthy upgrade.”

Coinex Reports

The date needs to be ratified by developers and confirmed via the open-source software platform GitHub.

Dencun will introduce a new type of transaction class called “proto-dank sharding,” which will help reduce the costs of transactions for rollups, through the introduction of data “blobs,” a new category for storing data.

It’s also supposed to help reduce the cost of data available on Ethereum, thus making projects like Celestia, Avail, and EigenDA more attractive.

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