Ethereum Foundation Developers Plan Major Blockchain Upgrade
Ethereum Foundation developers have set tentative dates for a significant upgrade to scale the Ethereum blockchain. The upgrade, known as EIP-4844, aims to increase blockchain space for data blobs and reduce layer-2 rollup fees. It will activate proto-danksharding to expand data storage and enable more transaction capacity without increasing gas fees.
Testing and Implementation Timeline
The Dencun upgrade is scheduled for testing on Goerli’s testnet on Jan. 17. If successful, it will be implemented on Sepolia’s testnet by Jan. 31 and Holesky’s network by Feb. 7. These forks represent the largest test chains on Ethereum. The final target for shipping Dencun to the mainnet is set for the end of February.
EthereumPoW Network Disbands Development Team
The EthereumPoW network has disbanded its core development team, moving towards complete autonomy. This initiative was formed in 2022 before Ethereum transitioned from a proof-of-work model to proof-of-stake.
Ethereum’s Market Performance and Potential
JPMorgan analysts predict that Ethereum will regain market share from Bitcoin in 2024 and outperform most large-cap native blockchain tokens. The approval of a spot ETH ETF could also bring billions of dollars into the leading chain of decentralized finance (defi).
Hot Take: Ethereum’s Upcoming Upgrade Holds Promise for Scalability
Ethereum Foundation developers are making progress towards a major upgrade that aims to enhance scalability and reduce transaction fees. The activation of proto-danksharding through the EIP-4844 upgrade will increase blockchain space for data blobs, allowing for more transactions without hiking gas fees. The testing and implementation timeline has been set, with the final target for shipping the upgrade to the mainnet in February. This development comes as the EthereumPoW network disbands its core development team, signaling a move towards complete autonomy. Analysts also anticipate a positive market performance for Ethereum in 2024, with the potential for it to reclaim market share from Bitcoin and attract significant investment through an approved spot ETH ETF.
By
By
By
By