Ethereum (ETH), the second largest cryptocurrency by market capitalization, price surged to $3,000. Market analysts and investors are attributing Ethereum‘s rise to the anticipation surrounding the Spot Ethereum ETF approval. The cryptocurrency market is currently filled with anticipation.
With a mere 94 days left until the expected approval, investors are eager to comprehend the potential ramifications of Ethereum’s trajectory and the overarching market dynamics.
In the preceding week, Ethereum demonstrated a surge of over 16%, driving its value beyond $2,900, marking a milestone not seen in nearly two years. At the time of writing, Ethereum is trading at over $2,958.
The final deadline for the Spot #Ethereum ETF is in 94 days! pic.twitter.com/vau0J9WrYp
— Crypto Rover (@rovercrc) February 20, 2024
As reported by the Metaverse Post team, decentralized blockchain Ethereum’s core developers completed the implementation of the Dencun upgrade on the Holesky testnet, signifying the concluding phase of Ethereum’s testnet enhancements before the expected mainnet deployment in the upcoming month.
Dencun Network Upgrade – A Positive Driver Behind Ethereum Rally
According to the Ethereum execution client Nethermind, the Dencun upgrade was initiated on the Holesky testnet. Dencun integrates both the Cancun and Deneb upgrades on the Ethereum network. Moreover, the introduction of the Dencun upgrade is expected to bring substantial benefits to blockchain rollups.
It is set to offer additional block space and cost reductions for Layer 2 scaling solutions as it will implement a change in data storage practices, discarding data previously stored on-chain after two weeks.
Recently, Ethereum developers convened over Zoom for the All Core Developers Execution (ACDE) Call #181 on February 15, 2024, with the intent to deliberate and coordinate changes to the Ethereum execution layer (EL), shaping the future of the Ethereum network. Tim Beiko, Ethereum Foundation’s (EF) Protocol Lead, chairs the bi-weekly meeting.
One of the critical points of this week’s discussions was the imminent mainnet activation of the Dencun upgrade. Further to this, retroactive Ethereum Improvement Proposals (EIPs) were also on the agenda, with particular attention given to EIPs 7610 and 7523. EIP 7610, discussed by Hedera Hashgraph engineer and Besu client maintainer Danno Ferrin, seeks to amend smart contract creation rules, retroactively applying them to all prior Ethereum blocks.
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