The Ethereum Dencun Cancun Upgrade Completed, Multiple L2 Platforms Progressively Correspondingly Updated.
Ethereum has officially launched the highly anticipated Dencun upgrade on its mainnet, introducing a new concept called “blobs” aimed at revolutionizing the efficiency and cost-effectiveness of L2 transactions.
Harnessing the Power of Blobs
Multiple L2 solutions will benefit from the upgrade, with significant reductions in transaction fees.
ARB, OB, and Others to Follow Suit
The Dencun upgrade goes beyond just introducing blobs. It integrates EIP-4844 and will be activated at Epoch:269568 (around 10 p.m. on March 13). This update marks the beginning of a new era for Ethereum L2 Rollup, shifting from the traditional “calldata” method to using blobs for transaction publishing, resulting in significantly lower network transaction costs.
Blobs are designed to enhance the Ethereum ecosystem by improving data availability without disrupting the existing infrastructure. This clever approach is expected to reduce transaction costs for various L2 solutions, including Base, Optimism, Arbitrum One, zkSync, and Starknet. By establishing a dedicated fee market for blobs, low transaction costs on the second layer can be maintained even during peak congestion on the Ethereum network.
The speed of L2 integration with blobs may vary. While some may adopt this innovation immediately, others may gradually introduce blobs into their systems.
Arbitrum: Update on March 14
Optimism: Update in progress
Base: Update on March 14
Blast: Ceased block production due to Ethereum update
The Dencun upgrade is not just about EIP-4844; it also includes eight other crucial code updates that further strengthen the foundation of Ethereum. This includes EIP-4788, which establishes an “enshrined oracle” to enhance interaction between Ethereum’s execution layer and consensus layer. Additionally, EIP-1153 is introduced, focusing on transient storage, a key component for the upcoming release of Uniswap v4 later this year.
Dencun Upgrade
Additional Reading
Ethereum L2 Fees Plummet: Optimism Below $0.001, Base Nearly Zero
Let’s Chat About the Dencun Upgrade at the Offline ChainNews Gathering “Ramble Bar”
