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The Dencun upgrade was seamlessly integrated into the Ethereum mainnet at 9:55 Eastern Time (ET) on March 13, 2024. The upgrade officially went live at Beacon slot 8626176.
Ethereum’s Leap Forward with Dencun Upgrade
Expected to drastically lower the transaction costs for layer two (L2) networks, Dencun introduces vital improvements aimed at boosting Ethereum’s scalability. This enhancement primarily focuses on scaling and performance optimizations, promising a more efficient and user-centric experience. The introduction of features like improved transaction processing, lower gas fees, and enhanced throughput is set to elevate the Ethereum platform’s efficiency and accessibility.
Moreover, the upgrade includes modifications to the consensus mechanism and other protocol enhancements to bolster the network’s overall functionality and ease of use. A key component of the Dencun upgrade is the adoption of Ethereum Improvement Proposal 4844 (EIP-4844), dubbed “Proto-Danksharding.” This modification is anticipated to optimize data storage within the Ethereum network, marking a significant step forward in its evolution.
Ethereum’s (ETH) value remained stable following the announcement, yet it has experienced a 4% increase against the U.S. dollar in the past week. In the previous fortnight, ether has seen a growth of 19.2% and, overall, a 60.9% rise. Moreover, this year has seen numerous institutions applying for spot ether exchange-traded funds (ETFs). However, the SEC has yet to approve any, opting instead to postpone decisions and solicit feedback from the public.
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