Ethereum Mainnet Welcomes the Launch of Dencun’s Latest Update
The Dencun update has been successfully implemented on the Ethereum mainnet by the developers. The update, which was launched on March 13, aims to enhance scalability and reduce fees not only on the mainnet but also on layer-2 protocols. Tim Beiko, a member of the project team, has confirmed the successful launch of the update.
According to Etherscan data, the Ethereum mainnet block height has reached the scheduled epoch for the Dencun upgrade. Additionally, just 10 minutes after the update was launched, changes in commission sizes were observed, with the average being 56 gwei.
Before the update was launched, there was great anticipation, and as a result, the price of Ethereum (ETH) reached a new high of $4,083, the highest since December 2021. However, shortly after the launch, the price of ETH experienced a decline, and at the time of writing, it is valued at $3,993.
The Ethereum network has faced stagnation in on-chain activity for a substantial period of time due to high transaction costs. However, with the implementation of Dencun, users can expect a revival in the decentralized finance (defi) sector, driven by the overall market’s cyclical growth and increased competitiveness of ETH. Developer Anton Cheng also noted that rollups will become more cost-effective.
In addition to the reduction in fees, the Dencun update includes several other improvements. These include a proposal to allow the introduction of a perpetual signature for voluntary withdrawal from ETH staking, enhanced voting evaluation, limitations on validators joining, and a new command for the basic memory copy operation, among others.
According to Flipside, the Dencun upgrade will further reduce Ethereum’s dominance and accelerate the adoption of layer-2 solutions. For more updates, follow us on Google News.
