[NEWS] Ethereum's major update "Denkun" has been implemented

Ethereum (ETH)'s major update "Dencun" was enabled on the mainnet at the start of "Epoch 269568" at around 22:55 on the 13th Japan time.

Dencun is an upgrade that emphasizes scalability, and the introduction of Proto-Danksharding has been attracting attention for some time. This upgrade will significantly reduce transaction fees in layer 2 networks.

The effects are already being seen, with fees on Ethereum's layer 2, STRK, apparently decreasing by 99% compared to the previous level. Other layer 2 networks are also expected to see significant fee reductions, which may further increase demand for these networks in the future.

What is Dencun?

This Dencun was positioned as the largest upgrade since "Shapella" in April last year. It is a series of upgrades that combines the execution layer "Cancun" and the consensus layer "Deneb".

The significant reduction in fees is made possible by the introduction of a mechanism called "BLOB" that allows temporary data storage. Previously, it was necessary to retrieve and store information such as transaction history during rollup, but since this can be done with temporary storage, the burden on storage can be reduced. This is said to also lead to improved scalability.

After the implementation of Denkun, the price of Ethereum temporarily fell below $4,000 (approx. 590,000 yen) due to selling, but it has since rebounded. At the time of writing, it is hovering flat at $3,970 (approx. 587,000 yen).

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