Ethereum Upgrade Set to Make Network Faster and Cheaper
Dencun, the long-awaited upgrade for Ethereum, is on its way, and it’s expected to make the network a lot cheaper. According to a recent blog post by the Ethereum Foundation, the next two steps of the upgrade, known as the Sepolia and Holesky testnets, will be completed by early next month. This means that the upgrade should be live on the mainnet by March.
The developers assure that these incremental steps will make Ethereum faster and cheaper. The network has been plagued with congestion issues, making it difficult and expensive for users to build apps or send funds. However, with the latest upgrade, dubbed proto-danksharding (or EIP-4844), the network will be able to handle over 100,000 transactions per second at a low cost.
Improved Scalability with Layer-2 Solutions
One of the key features of the upgrade is its ability to make Ethereum layer-2 solutions, like Optimism, more affordable. Layer-2 solutions are where most of Ethereum’s activity takes place. They run parallel to the main network, allowing transactions to bypass Ethereum’s blockchain quickly.
Ethereum has been continuously improving its network, including a transition from proof of work to proof of stake in 2022. With Dencun on the horizon, Ethereum is set to become faster and more cost-effective for its users.
Hot Take: Dencun Upgrade Poised to Revolutionize Ethereum
The upcoming Dencun upgrade holds great promise for Ethereum users. By addressing scalability issues and making transactions faster and cheaper, this upgrade has the potential to revolutionize how people interact with the Ethereum network. With layer-2 solutions becoming more affordable and capable of handling a high volume of transactions, Ethereum will become a more accessible and efficient platform for developers and users alike. This upgrade signifies another significant step in Ethereum’s journey towards becoming the go-to blockchain platform for decentralized applications and digital transactions.
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