The Dencun Upgrade Goes Live on Goerli Testnet
The Dencun upgrade, a significant upgrade in the Ethereum blockchain, was successfully deployed on the Goerli testnet on January 17. This deployment will pave the way for further upgrades on other testnets before the final launch on the Ethereum mainnet.
Successful Deployment Despite Roadblocks
Despite facing challenges, the Dencun upgrade was successfully implemented on the Goerli testnet. Paritosh Jayanthi, a DevOps engineer at Ethereum Foundation, confirmed the implementation and monitored a live stream showcasing the upgrade.
During the implementation process, there were unexpected issues with syncing between clients, potentially causing a “chain-split.” However, this issue was resolved within a few hours, and validators were back online.
Ethereum Evolves
The Dencun upgrade is part of Ethereum’s evolution and is expected to introduce several improvements to the network. These include reducing transaction costs for Optimism Rollups, improving cross-chain design, and changing block data structure.
Lower Transaction Costs Coming Soon?
Dencun aims to significantly reduce transaction costs for Optimism Rollups like Arbitrum or Optimism, attracting more users and enhancing Ethereum’s scalability. The successful implementation of Dencun on the testnet sets the stage for its activation on the mainnet within Q1/2024.
Eyes on Ethereum’s Price Movement
With Dencun now live on the testnet, attention shifts to Ethereum’s price movement in Q1. Layer 2 protocols will also benefit from this upgrade. At present, Ethereum is trading at around $2,500.
Hot Take: Ethereum Foundation’s ETH Sales and the Rise of Competing Blockchains
The Ethereum Foundation’s recent ETH sales and the rise of competing blockchains like SOL have garnered attention. However, the foundation still holds a substantial ETH portfolio and remains a significant player in the crypto space.
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