Ethereum Developers Plan to Test Dencun Upgrade on Georli Testnet
Ethereum developers have announced their intention to start testing the Dencun upgrade on the Georli testnet by January 17, 2024. This upgrade, known as proto-danksharding, aims to enhance Ethereum’s data storage capabilities.
The Dencun Upgrade
Ethereum developers shared their plans during a bi-weekly call, revealing their target date for implementing the Dencun upgrade on the Georli testnet. The upgrade will introduce proto-danksharding (EIP-4844), which will reduce Layer-2 rollup fees and expand the blockchain’s data storage capacity. This increased capacity is expected to improve transaction capacity without significantly impacting gas prices.
If the test on the Georli testnet goes smoothly, the developers plan to upgrade the Sepolia testnet by January 31 and the Holesky Network by February 7. However, the Ethereum Foundation lead, Tim Beiko, noted the possibility of cancellation or postponement if significant issues arise before the target date. The Dencun upgrade has faced technical challenges, leading to its postponement from Q4 2023 to 2024.
The Georli Shadow Fork
The successful implementation of the Georli Shadow Fork involved 300 nodes across different regions, achieving a 99% participation rate. This rate indicates the number of nodes that adopted the fork’s changes successfully.
After achieving stability, the team conducted a network spamming exercise, aiming for an average of 4 blobs per block. However, the network settled at 3 blobs. The introduction of blobs increased the network’s bandwidth usage from an average of 700 kbps to 900 kbps, with 95% of blobs propagating in less than 2 seconds.
Ethereum Price Impact
The announcement of the Dencun upgrade is expected to have a positive impact on the Ethereum community, potentially attracting new users and projects to the platform. Currently, Ethereum is trading at $2290, experiencing a slight 1% decline over the past 24 hours. However, the asset’s price has increased by 2% in the last week.
Hot Take: Ethereum’s Dencun Upgrade to Enhance Data Storage and Transaction Capacity
Ethereum’s upcoming Dencun upgrade on the Georli testnet signifies a major development for the blockchain platform. The introduction of proto-danksharding and expanded data storage capacity is expected to increase transaction capacity without significant gas price impacts. While the upgrade has faced delays and technical challenges, the successful Georli Shadow Fork and network testing bring hope for a successful implementation. The news has the potential to drive growth in the Ethereum community, attracting new users and projects. As Ethereum’s price remains relatively stable, the upcoming upgrade could further strengthen the asset’s position in the market.
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