Ethereum Dencun hardfork: what will change in the ecosystem?
Dencun is an upcoming major update to the Ethereum blockchain. Let's take a detailed look at what will happen during this event.
The Dencun upgrade is named after the combination of two words: Deneb (consensus) and Cancun (execution). Overall, the upgrade will focus on scaling, lowering gas bills, improving security, and optimizing storage.
The Cancun component will implement the following improvement suggestions: EIP-4844, or proto-danksharding: designed to scale the network by creating a new type of transaction. This will result in lower fees on L2 rollups.EIP-4788 will improve the efficiency of crosschain bridges.EIP-1153 will optimize block space and reduce onchain data storage fees.EIP-5656 will improve EVM performance.EIP-6780 will remove old pieces of code to get smart contracts working.
Deneb components will also support improved user experience and network security.
After a major upgrade, Ethereum will be able to gain more advantages over other L1 and L2 networks, especially considering the scale of applications within its ecosystem. Therefore, it's time to take a closer look at Ethereum-powered networks and assets on this blockchain.
Dencun is scheduled for March 13, 2024.
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