Ethereum developers have scheduled the “Dencun” upgrade for March 13.
The update, which follows the successful completion of the final testnet deployment, aims to enhance the Ethereum network’s scalability and efficiency by reducing costs for layer-2 transactions.
The Dencun upgrade is expected to introduce several key improvements, including the implementation of proto-danksharding, a precursor to full danksharding that will eventually allow for more transactions per second.
The significance of the Dencun upgrade lies in its potential to address current network congestion and high transaction costs, which have been longstanding issues for Ethereum users.
By improving throughput and reducing fees, Ethereum can maintain its competitive edge in the decentralized finance (DeFi) and non-fungible token (NFT) sectors, where it currently holds a dominant position.
Ethereum is the leader for NFT sales volume with over US$42 billion in all-time sales, according to CryptoSlam data.
The blockchain’s US$38 billion worth of assets locked in its decentralized applications represents almost 60% of the aggregate value of assets locked in the entire DeFi sector.
Ethereum’s transition to a proof-of-stake consensus model has been a complex and multi-phased process, with the Dencun upgrade representing the latest effort to optimize the network’s infrastructure.
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