{"id":264251,"date":"2024-03-13T19:02:27","date_gmt":"2024-03-13T13:32:27","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=264251"},"modified":"2024-03-13T19:02:27","modified_gmt":"2024-03-13T13:32:27","slug":"ethereum-dencun-upgrade-everything-you-need-to-know-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/ethereum-dencun-upgrade-everything-you-need-to-know-crypto-news\/","title":{"rendered":"Ethereum Dencun Upgrade: Everything You Need To Know – Crypto News"},"content":{"rendered":"

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After weeks of continuous hikes, Ethereum has surged over the $4K mark<\/a>, an impressive milestone for the coin. Ethereum Price<\/a> is currently trading at $4,065.08, aiming for the ATH value of $4,891.70, which is just 16% higher than the current one. It is just a start for the coin, as there\u2019s more coming with the Ethereum Dencum upgrade.<\/p>\n

This blog covers everything you should know about the most awaited Dencum upgrade.<\/p>\n

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Introducing Ethereum Dencun Upgrade<\/h2>\n

Ethereum Deneb-Cancun or Dencun is a network upgrade that is taking place today to improve the user experience and help in lowering transaction fees for users. With this, some Layer-2 blockchain users will be relieved with the highly charged transaction fees.<\/p>\n

In an effort to prioritize scalability, efficiency, and security, the Ethereum network has opted for\u00a0 Ethereum Improvement Proposals (EIPs) like EIP-4844, which focuses on proto-danksharding.<\/p>\n

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This upgrade will focus on three main objectives, beginning with improving the scalability so that a large volume of transactions can be handled easily. Secondly, to offer a reduced gas cost for the Ethereum users. And lastly, it simplifies the integration of Layer 2 solutions and enhances Ethereum\u2019s dApps and Smart Contract capabilities.<\/p>\n

What\u2019s Changing After This Ethereum Upgrade?<\/h3>\n

Compared to the layer-1 blockchain, the Layer-2 network offers better transaction speed and lower gas fees, but they depend on Ethereum for security and data storage. To scale up the transaction volume, the layer-2 transactions are bundled up by the rollups<\/a>.<\/p>\n

After this Ethereum Dencun upgrade, this information will be stored on the base layer with the help of a \u2018blob\u2019 in a temporary way, rather than permanently, which used to happen before. It is to decrease costs and enhance the efficiency of the platform. This blob data will be available for around 18 days.<\/p>\n

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Polymarket is predicting that blobs (~125 kB) will cost ~0.001 ETH.<\/p>\n

Today, 125 kB calldata costs ~30 gwei per gas * 16 gas per byte * 125000 gas ~= 0.06 ETH<\/p>\n

And if you think polymarket’s guess that blobs will be 60x cheaper is over-optimistic, you can use the market to hedge! pic.twitter.com\/vUwJInNhCP<\/a><\/p>\n

\u2014 vitalik.eth (@VitalikButerin) March 3, 2024<\/a><\/p>\n<\/blockquote>\n

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Any layer 2 data that gets stored on Ethereum costs around 16 gas, but now it will decrease to 1 per byte of data stored, accounting for a 96% reduction in cost. This gas fee<\/a> relaxation is offered for the layer-2 solutions only, the mainnet or layer-1 solution won\u2019t be benefited from it.<\/p>\n

9 Major EIPs of\u00a0 Ethereum Dencun Upgrade<\/h3>\n\n\n\n\n\n\n\n\n\n\n\n\n
EIPs<\/td>\nProperties<\/td>\n<\/tr>\n
EIP-4844
(Proto-danksharding)<\/td>\n		\n
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  • Introducing \u201cBlob\u201d for better store of transactions<\/li>\n
  • Increase efficiency of Layer-2 Solutions.<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
EIP-1153<\/td>\n\n
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  • Temporarily store data in Smart Contracts<\/li>\n
  • Reducing storage data loads because of the permanent storing<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
EIP-6780<\/td>\n\n
    \n
  • Restricts SELFDESTRUCT function of Smart Contracts<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
EIP-5656<\/td>\n\n
    \n
  • Simplifying MEMORY AMANGENET IN THE EVM
    Efficient Smart Contract processing<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
EIP-4788<\/td>\n\n
    \n
  • Access to Beacon Chain\u2019s Block Roots<\/li>\n
  • Direct Access of Smart Contract to Network Consensus State without relying on external oracles<\/li>\n
  • Improve Cross-Chain Communication<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
EIP-7045<\/td>\n\n<\/td>\n<\/tr>\n
EIP-7044<\/td>\n\n
    \n
  • Management of the Validator\u2019s exit process<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
EIP-7514<\/td>\n\n
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  • Limiting the churn limit to 8 per epoch for Ethereum Validator Activation<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
EIP-7516<\/td>\n\n