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February 07, 2024

Ethereum Dencun Upgrade Completes on Holesky Testnet, Paves Way for Mainnet

Ethereum Dencun Upgrade Completes on Holesky Testnet, Paves the Way for Mainnet Deployment

Decentralized blockchain Ethereum’s core developers completed the implementation of the Dencun upgrade on the Holesky testnet, signifying the concluding phase of Ethereum’s testnet enhancements before the expected mainnet deployment in the upcoming month.

According to the Ethereum execution client Nethermind, the Dencun upgrade was initiated on the Holesky testnet at approximately 6:35 am ET and swiftly finalized thereafter. Dencun integrates both the Cancun and Deneb upgrades on the Ethereum network.

Cancun is directed towards refining the execution layer, while Deneb concentrates on augmenting the consensus layer. 

A significant component of Dencun is a Proto-danksharding (EIP-4844), which will introduce “blobs.” This feature enables the temporary storage and access of substantial off-chain data by Ethereum nodes, aiming to alleviate storage demands. Its primary objective is to significantly reduce transaction costs for Ethereum decentralized applications (DApps). The introduction of “blobs” is designed to enhance the cost-effectiveness and scalability of data processing on the Ethereum network.

Holesky was the final testnet among the three to undergo a simulation of the Dencun upgrade.

It garnered heightened anticipation as the newest testnet, featuring a validator set larger than Ethereum’s main network. The rationale is that if the upgrades progress smoothly on the Holesky blockchain, the transition to the mainnet should proceed seamlessly without complications.

The phased approach for implementing the upgrade involved the deployment of Dencun on the Goerli testnet on Jan. 17 and the Sepolia testnet on Jan. 30. A date for the mainnet deployment of Dencun is anticipated to be determined during the upcoming Ethereum All Core Developers call tomorrow, with expectations set for early to mid-March.

The Dencun upgrade follows the Ethereum Shapella upgrade in March 2023, which enabled users and validators to withdraw their staked ether for the first time. 

Dencun Upgrade Promises Advantages for Ethereum’s Rollups

The introduction of the Dencun upgrade is expected to bring substantial benefits to blockchain rollups. It is set to offer additional block space and cost reductions for Layer 2 scaling solutions as it will implement a change in data storage practices, discarding data previously stored on-chain after a period of two weeks.

As a result, the Dencun upgrade will bring reduced gas fees and quicker transaction processing, paving the way for potential opportunities for the development of new and more intricate DApps on Layer 2 solutions and substantially decrease rollup transaction costs.

The implementation of the Dencun upgrade on the Ethereum mainnet marks a pivotal moment, as it is set to directly address scalability concerns on the mainnet for the first time, paving the way for innovation within the blockchain ecosystem.

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About The Author

Alisa is a reporter for the Metaverse Post. She focuses on investments, AI, metaverse, and everything related to Web3. Alisa has a degree in Business of Art and expertise in Art & Tech. She has developed her passion for journalism through writing for VCs, notable crypto projects, and scientific writing. You can contact her at [email protected]

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Alisa Davidson
Alisa Davidson

Alisa is a reporter for the Metaverse Post. She focuses on investments, AI, metaverse, and everything related to Web3. Alisa has a degree in Business of Art and expertise in Art & Tech. She has developed her passion for journalism through writing for VCs, notable crypto projects, and scientific writing. You can contact her at [email protected]

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