Ethereum Dencun Mainnet Upgrade: ETH Breaks $2,500 As Geth Releases Crucial Update

The largest Ethereum execution layer client, Go Ethereum has released a crucial update for the Ethereum mainnet Dencun (Deneb and Cancun) upgrade scheduled to go live on March 13. The long-awaited Dencun upgrade, with the much-talked about “proto-danksharding” feature, is the biggest change on the Ethereum blockchain, since the Shanghai upgrade in April 2023.

Ethereum Client Releases Major Update for Dencun Mainnet

Ethereum execution layer client Go Ethereum on February 9 released Geth v1.13.12, also called Edolus, as part of readiness for the upcoming Ethereum mainnet Dencun upgrade. This release embeds the mainnet fork number for Cancun, scheduled to go live on March 13, 2024.

The Ethereum client also added that the update also fixes a Geth miner tip enforcement bug. It asked non-MEV validators on the Ethereum blockchain to check –miner.gasprice flag if they want to tweak it.

The update contains a number of changes suggested in Ethereum Improvement Proposals (EIPs):

• EIP-1153: Transient storage opcodes
• EIP-4788: Beacon block root in the EVM
• EIP-4844: Shard Blob Transactions
• EIP-5656: MCOPY – Memory copying instruction
• EIP-6780: SELFDESTRUCT only in same transaction
• EIP-7516: BLOBBASEFEE opcode

Along with refreshed Grafana dashboard, the release has fixes and features including era format to provide a cross- client archive format for block data, configurable rpc request limits, fix for memory-leak with blob transactions, Stricter adherence to engine api spec and minimum miner tip.

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Ethereum Readiness for Dencun

Ethereum developers set a target date of March 13 in a recent call, officially starting the countdown for Ethereum blockchain’s Dencun upgrade.

The word ‘Dencun’ is made up of two words ‘Cancun’ and ‘Deneb’. Cancun is the name of the execution layer part of the upgrade and Deneb is the name of the consensus layer part of the upgrade.

Ethereum core developers rolled out the much-anticipated Dencun upgrade on the Goerli testnet recently, marking a pivotal step towards its imminent integration into the mainnet. It brought forth the introduction of EIP-4844, a transaction mechanism referred to as “proto-danksharding.”

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ETH Price Breaks Above $2,500

ETH price jumped 2.56% in the last 24 hours, with the price currently trading at $2,486.19. The 24-hour low and high are $2,415.93 and $2,520.73, respectively. Furthermore, trading volume has increased by more than 12.9% to $12,683,343,371.

The upcoming spot Ethereum ETF, with Ark 21Shares filing S-1 filing for adding Ethereum ETF staking detail, and Prometheum, the only crypto securities platform registered with the U.S. SEC, selecting Ethereum as its first digital asset for custody services supported the ETH upside move.

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