Countdown to Ethereum Blockchain 'Denkun' Upgrade Set to Cut Fees!
Ethereum developers have brought a new good news. They are gearing up for the much anticipated Denkun upgrade for today. The upgrade is designed to usher in a new era of cheaper fees for the growing array of ancillary networks that operate on top of Ethereum. And it's an update that's poised to bring the biggest code change to the blockchain in a year.
Denkun is the biggest update for Ethereum since the Shapela upgrade of April 2023. which enabled the withdrawal of staked Ether (ETH). Dencun – A project called Deneb + Cancun. It is a project that is a portmanteau – consisting of two simultaneous upgrades to the compliance and functional layers of Ethereum. One of the disadvantages of offering benefits is offering low fees. That is, this important upgrade offers cheaper fees for the growing array of Layer-2 networks that operate on top of Ethereum. As a result, transaction fees will be reduced through the Ethereum blockchain. Also such initiatives are designed to usher in a new era.
Technically known as a "hard fork" in blockchain terminology. It is expected to start today and it is expected to start today at 13:55 UTC time. It is designed to improve the chain's ability to handle data from the L2 network. The changes here come from a new Ethereum Improvement Proposal called Proto-Danksharding or EIP-4844, and it's expected to come with quite a bit of activation.
The Denkun upgrade is considered an important update for the Ethereum blockchain. The components of the update they are working on have been planned for several years. But there has been some delay from the time when they planned to approve it, hence the original goal. This has been delayed due to some engineering concerns. Since the delay, developers have split the package into three separate parts to test. They tested on the test network (testnet). When they ran the tests on the testnet they did things very smoothly. Some Ethereum enthusiasts are marking the occasion of Denkun's official launch. The EthStaker developer community and NetherMind, a leading Ethereum infrastructure team, marked the official launch by joining the watch party walls with each hosting the livestream.
Layer-2 networks have become quite important in the crypto world. The average transaction volume per second (TPS) over the past seven days across this network is 93.18. This is one of the largest amounts and compared to Ethereum's average of 14.42. The current upgrade in this regard brings very good news for the customers as well as the investors. Because a fidelity report on this update says that the total Layer-1 fee for Layer-2 is about 10%. This portion is expected to be "significantly reduced" after the upgrade. This will greatly reduce the transaction related fees. Which is one of the good news for the day.
Hopefully this Dencun Upgrade will create good hype for other Layer-1 Blockchain coins, and Ethereum will go one step further, thank you for sharing this news with everyone.
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Good explained about it.Its an informative post. Thanks for sharing this.Best of luck. Go ahead.
With this upcoming update on Ethereum network it is expected to see some reduction on the transaction fee and the gas fee has been one of the biggest issue on this chain since long.
Honestly I had no idea about this information, you have shared a very important information, I learned new information from your article as well as many new things. Thank you very much.
Well this upgrade will bring about wonderful things to ethereum blockchain I believe, with a reduced fee no doubt many will flood to do transactions with eth which is going to bring many into the chain, which ofcourse is a welcome development.