Ethereum Developers Complete Dencun Upgrade on Goerli Testnet
Ethereum’s Goerli fork was finalized following the completion of Dencun upgrade, setting the stage for its launch on the mainnet.
Decentralized blockchain Ethereum (ETH) core developer Parithosh announced that the Goerli fork has been successfully concluded. The announcement follows completion of the Dencun upgrade, which integrated proto-danksharding (EIP-4844) on the Goerli test network, setting the stage for its forthcoming launch on the mainnet.
The Dencun upgrade was forked on the Goerli testnet earlier today, with a confirmation provided by core developers during a livestream. However, the upgrade faced challenges, notably a potential “chain split” attributed to difficulties in clients syncing with one another.
Following the resolution of the patch, validators resumed online activity, and the chain recommenced the finalization process. The MEV circuit breaker was automatically deactivated, and the MEV block resumed normal operation. Furthermore, the number of blobs submitted to the network returned to a standard level.
It’s common for client issues to surface on testnets during critical upgrades. Typically, client teams address synchronization bugs before the mainnet launch.
To prepare for this transition, the development team has chosen a phased approach, starting with the implementation of the upgrade on various testnets.
Today, the Dencun upgrade was deployed on Goerli, marking the completion of the first testnet implementation. The subsequent stages involve activating Dencun on the Sepolia testnet on Jan. 31, followed by the Holesky testnet on Feb. 7. The final release on the mainnet is anticipated by the end of the first quarter, Q1 2024.
In this deployment on Goerli, the key element is the incorporation of EIP-4844, introducing a unique transaction mechanism named ephemeral blobs or proto-danksharding. This mechanism facilitates the temporary storage and access of off-chain data by Ethereum nodes, aiming to alleviate storage requirements.
The anticipated outcome is a significant reduction in transaction costs for Ethereum decentralized applications (dApps), with a particular advantage for Layer 2 rollup chains.
Ethereum’s Evolving Dynamics
Outlining the Ethereum roadmap for 2024, Ethereum co-founder Vitalik Buterin highlighted a few minor adjustments that are expected in the coming year.
Buterin provided insights through charts and diagrams, emphasizing the platform’s focus on six key components–the Merge, the Surge, the Scourge, the Verge, the Purge, and the Splurge, that are set to enhance Ethereum capabilities.
Recently, Vitalik Buterin suggested a modification to the Ethereum gas limit, advocating for an increase to 40 million to improve network throughput. He noted that the gas limit has remained unchanged for nearly three years, representing the longest period without a protocol increase. The new proposal aims for a 33% increase from the current gas limit of 30 million.
However, the announcement sparked debates within the Ethereum community, with developers, node operators, and users expressing concerns about potential implications, particularly regarding the enlargement of the blockchain state encompassing account balances and smart contract data.
ETH, the native token of the Ethereum blockchain, experienced a notable 20% rally from January 8 to January 11, demonstrating a strong performance, surpassing Bitcoin by 19.5% since January 8. Furthermore, Ethereum has demonstrated robust on-chain activity, evidenced by a 41% increase in volume for Ethereum DApps.
This surge is attributed to the growing activities on platforms like Uniswap, Balancer, ParaSwap, and Aave over the past 30 days.
The Dencun hard fork has the potential to impact Ethereum’s price positively, as the upgrade is designed to enhance data availability and decrease costs for rollup transactions. With the anticipated impact of the Dencun upgrade on reducing transaction costs, Ethereum is set to strengthen its competitive position, asserting dominance over its rivals.
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