Implementation period of Dencun
The developers of the crypto asset (virtual currency) Ethereum (ETH) held an execution layer meeting on the 21st.
This was a regular, pre-scheduled meeting where participants discussed things like when the next Dencun upgrade was scheduled to be implemented. Currently, Dencun is expected to be implemented on the mainnet around the end of February 2024.
The summary of this meeting was summarized in X by Tim Beiko, who supports the Ethereum protocol. From now on, we will be testing Dencun on three testnets. The schedule agreed upon by the participants of the meeting is shown below.
- Goerli: January 17th
- Sepolia: January 30th
- Holesky: February 7th
So, if no major issues arise, we’re looking at the following schedule:
– Goerli: Jan 17, 6:32:00 UTC
– Sepolia: Jan 30, 22:51:12 UTC
– Holesky: Feb 7, 11:34:24 UTC
…and then, mainnet pic.twitter.com/JFRt0ZHAi8
— timbeiko.eth ☀️ (@TimBeiko) December 21, 2023
Mr. Beiko explained that the schedule is still in flux, as they will proceed according to the above schedule if no major problems occur.
Dencun was originally said to be implemented in 2023, but this is still a plan. Recently, it was reported that the schedule may be pushed back to 2024.
connection: Ethereum major upgrade “Dencun” will be carried over to 2024?
What is Dencun?
The most notable upgrade to Dencun is the implementation of a feature called “Proto-Danksharding.”
The purpose of this feature is to reduce transaction costs for data transfer from L2 to L1, significantly lowering L2 transaction fees. This makes it possible to reduce L2 transaction fees by up to 1/100.
connection: What are the importance and benefits of Ethereum’s next upgrade “Dencun”?
Analysts at US financial giant JP Morgan said this month that they believe Ethereum is likely to outperform Bitcoin and other major cryptocurrencies in 2024.
This prediction is based on an implementation of Proto-Dunksharding. Analysts at JP Morgan predicted that Ethereum will regain market share within the cryptocurrency ecosystem and take the lead again next year.
connection: “Ethereum is expected to outperform Bitcoin’s growth rate” JP Morgan forecast for next year
What is L2?
Abbreviation for “Layer 2”, which refers to the “second layer” network. Processing all transactions on the main chain would place a heavy load on the main chain, leading to slower processing speeds and higher 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