Ethereum makes a major update (Dencun)

joeljaimes1982 (70)Authorized Userin Steem Alliance • 8 months ago

Hello friends, There are only 68 days left until one of the most anticipated dates of 2024 occurs and I am not talking about bitcoin but rather ethereum, one of the projects that could revolutionize the crypto market during the next bullish cycle.

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Million-dollar injections of capital are a possible solution to the problems of scalability and deflationary supply rates and the integration of a technology with the potential to crush everyone. The Ethereum Killers but will all of this have an impact on the price and take Ethereum above $10,000.

After several months of delay and a long wait, specifically almost a year after the last Shanghai update of April 2023, yesterday Ethereum officially launched one of its largest updates to date with specifically the largest since the Merge a proof of stake and yes As you surely know, I am talking about Dencun, one of the main stages with which Ethereum has the main objective of improving scalability and problems with its fees.

In this case, Dencun has introduced what is called proto-danksharding, a technology that divides the network into small parts that allow the simultaneous processing of several transactions, thus greatly increasing its capacity, a change that is mainly aimed at the famous layers 2 ethereum.

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Since in this case of Dencun it does not have any effect on the fees of the main network but rather they have reduced the fees of the different layer 2 and improves the general scalability of the main network helping to combat some of the scalability problems that it had until the date.

As for the fees, the effect is quite important, the fee drop that is the objective of the update is the following: they drop from $2.02 to $0.4, this would bring an even greater impact, going from 0.58 cents to just one cent, a very important step that It will undoubtedly help the growth of activity on this network, attracting new users and also many new projects.

As transaction fees go down, this will add more value to the ecosystem than it costs to carry them out, and everyone is aware that it will reduce fees and allow for gas-free payments and transactions and better user experiences, and those are the benefits. of the update and all this will help to continue driving new solutions and fostering the overall improvement of Ethereum scalability.

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Although it will not have a direct impact on the fees in the long run, it will be very positive for Ethereum, although Ethereum had exceeded $4,000 for the first time since the end of 2021 after registering a rise of more than 50% in the last month that has left it less than $1,000 from its all-time high, a very important point for Ethereum that could undoubtedly become one of the main protagonists of the next bullrun.

It must be taken into account that ethereum is the only real candidate for the approval of an ETF after bitcoin and although the final date of the SEC's decision may be subject to change, it is very important to highlight who the giant is behind all this. Black Rock And as you already know, Black Rock is betting very heavily on digital assets and after the approval of the bitcoin etf, Wall Street is showing more and more interest in this sector.

In conclusion

Despite the current market correction, Ethereum has a very promising path with its new update and you can expect a pleasant surprise in the short term if its value is concerned, so you have to be attentive.