Ethereum core developers deployed the Dencun upgrade on the Goerli testnet. However, the testnet deployment faced challenges with finality.
Before the launch on the main network (mainnet), blockchain developers test the updates on the testnet. It eliminates the risk of losing real funds on the mainnet if there are some mishaps during testing.
Dencun Upgrade Expected to Significantly Decrease Ethereum Transaction Costs
On Wednesday, Ethereum core developers forked the Goerli testnet to implement the Dencun upgrade. However, the team faced challenges in achieving finality due to the low participation of validators.
When a blockchain upgrade achieves finality, it means that the change is permanent and irreversible.
The team seeks time to do a proper evaluation of the upgrade. However, prior to the upgrade, one of the developers anticipated challenges.
“It will take time to accurately evaluate the status. Therefore, before someone claims that the Goerli hard fork failed and Deneb is delayed, we should allow time for a proper analysis,” said Ethereum developer – Terence.
Despite the Dencun upgrade, there is no significant impact on the price of Ethereum (ETH). The screenshot below shows that ETH is trading at $2,545, up by 0.83% in the last 24 hours.
The team plans to implement the Dencun upgrade on the Sepolia testnet by the end of January. Meanwhile, it has scheduled the upgrade on the Holesky testnet on February 7. As of now, the Dencun mainnet upgrade is expected by the end of the first quarter.
The Dencun upgrade will implement the Ethereum Improvement Proposal – 4844 (EIP-4844). Consequently, the upgrade will allow temporary storage and access of off-chain data by Ethereum nodes, aiming to alleviate storage demands.
“EIP-4844 can bring rollup fees down by orders of magnitude and enable Ethereum to remain competitive without sacrificing decentralization,” explains the EIP-4844 official website.
The anticipated outcome is a significant reduction in transaction costs for Ethereum decentralized applications (dApps). High transaction costs or gas fees are one of the main pain points of Ethereum users.
Source : BeInCrypto by Harsh Notariya / Jan 17, 2024