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January 31, 2024

Ethereum’s Dencun Upgrade Wraps Up on Sepolia, Signifying Progress in Proto-Danksharding

Ethereum's Dencun Upgrade Concludes on Sepolia, Marks a Step Towards  Proto-Danksharding

Decentralized blockchain Ethereum’s latest major upgrade Dencun, recently went live on the Sepolia test network. The deployment on Sepolia began at 22:51 UTC on Tuesday and concluded shortly after, leaving only one more testnet deployment before the anticipated realization of the “proto-danksharding” feature.

“Blobs are now flowing in Sepolia. Uneventful testnet forks are the best!” commented Parithosh Jayanthi, DevOps engineer at the Ethereum Foundation, in a social media platform X publication.

Ethereum core developers implemented the upgrade on the Goerli testnet earlier this month. The initiation of the upgrade on the third and final testnet Holesky, is planned for February 7th. Following a successful deployment on this testnet, the Ethereum team anticipates determining a mainnet launch date for Dencun.

One anticipated feature that Dencun is set to introduce is proto-danksharding, intending to reduce gas fees and enhance scalability by implementing a novel, compressed data storage mechanism–”blobs.” Given the rapid expansion of Layer 2 chains built on Ethereum, this upgrade is perceived as a crucial component of the ecosystem’s roadmap to facilitate its growth.

“A blob-carrying transaction is like a regular transaction, except it also carries an extra piece of data called a blob. Blobs are extremely large (~125 kB) and can be much cheaper than similar amounts of calldata,” explained Vitalik Buterin, co-founder of Ethereum in the blog. 

Dencun, initially anticipated to happen in the final quarter of 2023, is set to become the most significant upgrade for Ethereum since the Shapella upgrade in March of last year, which enabled the withdrawal of staked Ethereum’s native token ETH.

Dencun Upgrade Anticipates Impact on ETH Supply

The Dencun upgrade on the Ethereum network will facilitate the transmission of Layer 2 transactions to the Ethereum network via blobspace, offering an alternative to the existing transactional calldata mechanism. This change has the potential to decrease gas usage, reducing the amount of ETH being burned.

The potential decrease in burned ETH might influence the growth of the ETH supply, as suggested by Luke Nolan, an Ethereum research associate at CoinShares. Nevertheless, the expert highlighted that this impact could be counterbalanced by other factors, such as demand on Layer 1, which contributes to deflation and the relatively low impact of blob usage on the circulating supply.

The price of ETH has experienced an increase of over 1.39% in the last 24 hours, reaching a trading value of $2,339, as reported by Coinmarketcap at the time of writing.

The successful deployment of Dencun on the Sepolia test network, along with its anticipated deployment on testnet reflects Ethereum’s strategic advancements in enhancing scalability and efficiency within its 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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