Dencun Upgrade Now Live on Gnosis Chain
The Dencun hard fork has been successfully implemented on the Ethereum-compatible Gnosis Chain, paving the way for its upcoming implementation on Ethereum itself. The developers of Gnosis have reported that the update went smoothly and without any technical issues.
Introduction of Dencun on Ethereum
The Dencun upgrade is set to go live on Ethereum later this week. As a hard fork, all validator nodes will need to update their software to accommodate this enhancement. The Dencun upgrade brings several significant changes to the Ethereum network, one of which is the introduction of “Blobs.”
Blobs: Enhancing Data Storage and Retrieval
Blobs are a new technology designed to improve the efficiency of data storage and retrieval on Ethereum. They function as data storage channels and are expected to optimize layer-2 scaling and performance. This means that once Dencun is implemented, layer-2 platforms like Base and Arbitrum will be able to process transactions more efficiently.
Gnosis Chain’s Compatibility with Ethereum
Gnosis Chain is built on the proof-of-stake “Beacon” chain and is fully compatible with Ethereum. Its execution layer mirrors that of Ethereum, allowing for seamless integration with layer-2 solutions. This compatibility ensures that any technology stacks developed for Ethereum rollups can be used on Gnosis without requiring additional modifications.
Gas Fee Reduction with Dencun
The Dencun hard fork on Gnosis Chain will lead to a further reduction in gas fees, which are currently paid in xDAI. Gas fees on Gnosis Chain have consistently remained below $0.01, and with the implementation of Dencun, these fees will decrease even further. This reduction in gas fees will make transactions more cost-effective for users and facilitate the deployment of protocols.
Gnosis Pay and Plans for Gnosis 3.0
Lower fees resulting from the Dencun upgrade will benefit applications on the Gnosis platform, including Gnosis Pay. With Dencun, Gnosis Pay can operate on layer-2 solutions, ensuring compliance with existing regulations such as data protection laws.
The Gnosis DAO is currently working on Gnosis 3.0, which aims to create a network of interconnected projects centered around the platform’s native token, GNO. The objective of Gnosis 3.0 is to shape payment and financial infrastructure.
Hot Take: Ethereum Next in Line for Dencun Implementation
The successful implementation of the Dencun hard fork on the Gnosis Chain sets the stage for its imminent implementation on Ethereum. This upgrade brings significant changes to Ethereum, such as the introduction of Blobs, which will enhance data storage and retrieval capabilities.
Once Dencun goes live on Ethereum, users can expect lower gas fees and improved transaction efficiency, particularly on layer-2 platforms like Base and Arbitrum. Additionally, applications like Gnosis Pay will be able to operate on layer-2 solutions, ensuring regulatory compliance.
The development of Gnosis 3.0 by the Gnosis DAO further demonstrates the commitment to shaping payment and financial infrastructure within the Gnosis ecosystem.
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