Ethereum’s Dencun Upgrade Nears Release
The Ethereum Foundation Protocol Support has announced that the highly anticipated Dencun upgrade will be released on January 18. The upgrade will first launch on the Goerli testnet, followed by deployments on the Sepolia and Holesky testnets on January 31 and February 7, 2024, respectively. The mainnet launch is scheduled for February 2024.
Dencun Slated for Q1/2024
The release of Dencun was delayed from late 2023 to early 2024 due to concerns about testnet deployment timelines and consensus issues. The upgrade will introduce proto-danksharding, or EIP-4844, which aims to improve data storage, efficiency, and scalability of rollups using “blobs.” These blobs can hold up to 125 kilobytes of information and are expected to enhance Ethereum’s scaling protocols.
Recent tests have shown widespread acceptance of the Dencun upgrade among Ethereum nodes, with a high participation rate and quick propagation of data blobs. This suggests that the upgrade could lead to potential improvements in scalability and network efficiency.
Spot Ethereum ETF Outlook
In addition to the Dencun upgrade, there is anticipation surrounding the US Securities and Exchange Commission’s decision on spot Ethereum exchange-traded funds (ETFs). Market observers believe that the SEC’s ruling on spot Bitcoin ETFs, expected by January 10th, could influence the approval of spot Ethereum ETFs.
Several major institutions have filed applications for spot Ethereum ETFs in the US. While no approvals have been granted yet, analysts predict that a similar outcome for spot Ethereum ETFs could follow the ruling on spot Bitcoin ETFs.
Hot Take: Ethereum’s Potential in 2024
Ethereum’s upcoming Dencun upgrade and the possibility of spot Ethereum ETFs have generated excitement in the crypto community. With the release of Dencun, Ethereum aims to improve scalability, efficiency, and network security. If an ETF is approved in 2024, it could further boost Ethereum’s price.
As we await the outcome of the upgrade and the SEC’s decision on spot Ethereum ETFs, it will be interesting to see how these developments shape the crypto market in 2024.
By
By
By
By