Ethereum has officially launched its highly anticipated Dencun upgrade on the mainnet, a major advancement that introduces a new concept called “blobs” designed to revolutionize the efficiency and cost-effectiveness of L2 transactions.
(Simple science | What is the Cancun upgrade (Dencun)? What impact will it have on Ethereum and L2?)
The Dencun upgrade is now live on the Ethereum mainnet bringing with it a host of EIPs including the beloved EIP-4844!
The blobs are here and a new era of Ethereum scalability has begun! pic.twitter.com/ZQwwUsmYVv
— sassal.eth/acc (@sassal0x) March 13, 2024
Unleash the power of blobs
Dencun The core of the Cancun upgrade is the integration of EIP-4844, launched at Epoch: 269568 (nearly 10pm on 3/13). This update kicks off a new era of Ethereum L2 Rollup, moving from the traditional "calldata" method to using blobs for transaction publishing, which can significantly reduce network transaction fees.
Dencun went live, we've had blobs land in blocks on mainnet .oO
— timbeiko.eth (@TimBeiko) March 13, 2024
Multiple L2s will benefit and handling fees will be significantly reduced
Blobs are designed to strengthen the Ethereum ecosystem by increasing data availability without disrupting existing infrastructure. This clever approach is expected to reduce transaction costs for a variety of L2 solutions, including Base, Optimism, Arbitrum One, zkSync, and Starknet, among others. By setting up a dedicated fee market for blobs, layer 2 transaction fees can be maintained low even during peak congestion on the Ethereum network.
ARB, OB, etc. will be updated accordingly
The speed at which L2 consolidates blobs will vary. While some may adopt this innovation immediately, others may gradually introduce blobs into their systems.
Arbitrum: Will be updated on 3/14 Optimism: Will be updated Base: Will be updated on 3/14 Blast: Indicates that block production will stop due to the Ethereum update Cancun upgrade is not just Blobs
The Cancun upgrade isn’t just about EIP-4844; it also includes eight other key code updates that further solidify Ethereum’s foundation. These include EIP-4788, a proposal that establishes an “enshrined oracle” to enhance the interaction between Ethereum’s execution and consensus layers. In addition, EIP-1153 was introduced, focusing on "transient storage" (transient storage), which is a key component of the launch of Uniswap v4 within this year.
This article Ethereum Dencun Cancun upgrade is completed, and multiple L2s are updated accordingly. First appeared on Chain News ABMedia.
