Effect of Dencun
Anthony Rose, head of engineering at Matter Labs, which develops the L2 “zkSync'' for the crypto asset (virtual currency) Ethereum (ETH), spoke to “The Block'' about the effects of Ethereum's next upgrade “Dencun.'' .
He explained that the zkSync code was changed in line with the implementation of the “Proto-Danksharding” function in Dencun. Once Dencun is implemented, zkSync says it will be able to lower transaction fees.
What is L2?
Abbreviation for “Layer 2”, which refers to the “second layer” network. If all transactions are processed on the main chain, the load will be heavy, leading to a decrease in processing speed and a rise in network fees. By performing some transactions on L2, it is expected that the load on the main chain will be reduced and processing speed will be improved.
▶️Virtual currency glossary
connection:What is blockchain layer 2? Explaining types, points of interest, and typical networks
The implementation of proto-dunk sharding is the most notable upgrade in Dencun. This new feature is expected to reduce data transfer costs from L2 to L1, resulting in significantly lower transaction fees for L2 users.
The content was reported by The Block on the 9th. Rose said that with the implementation of Proto Danksharding, users will notice a significant reduction in transaction fees.
Specifically, we predict that data-related costs could be reduced to about one-tenth after using Dencun. He expressed hope that many improvements to the protocol, including code changes to match proto-dunk sharding, should have a significant effect on zkSync's performance.
Implementation on mainnet
After processing transactions on the L2 network, zkSync batches them and submits them to Ethereum on the L1. This batch is verified on Ethereum.
“After Dencun, batches will be bigger and transaction fees will be cheaper,” Rose said this time. He explained that he has upgraded the proof system “Boojum,'' which started operating on the mainnet last year, and has made changes to the way data is submitted to L1, making it possible to compress data.
connection: Ethereum L2 “zkSync” and new proof technology “Boojum” test run on mainnet
At an online meeting on the 8th, it was decided that Dencun would aim to be implemented on the mainnet on March 13th (slot number: 8626176). Many experts believe that demand for L2 and Ethereum will increase after Dencun.
In its 2024 report, Coinbase, a major US cryptocurrency exchange, predicted that L2 will support proto-dunk sharding and that transaction fees will actually drop during the first half of 2024.
connection: What are the importance and benefits of Ethereum's next upgrade “Dencun”?