Ethereum News

Breaking: Ethereum Dencun Upgrade Goes Live, ETH Price Sees Volatility

Ethereum Dencun upgrade goes live at the epoch 269568 with first blob recorded a few minutes later, ETH price fell under $4000.
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Breaking: Ethereum Dencun Upgrade Goes Live, ETH Price Sees Volatility

Highlights

  • Ethereum Dencun upgrade goes live on the Ethereum mainnet at epoch 269568 at 1:55 pm UTC.
  • Ethereum developer suggest to buy blobs when they are cheap
  • ETH price fell under $4000 after the upgrade went live

The Ethereum Dencun upgrade goes live on the Ethereum mainnet at epoch 269568 at 1:55 pm UTC and finalized at 14:10 UTC, activating blobs in blocks in just minutes. This marks another achievement for Ethereum developers and the community, after the last biggest upgrade — The Merge.

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

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Ethereum Dencun Upgrade

The Ethereum Dencun upgrade is a major advancement that will have a broader impact on the Ethereum ecosystem. The upgrade will finally deploy EIP-4844, also known as “proto-danksharding”, which significantly lowers L2 transaction costs. L2 blockchains such as Arbitrum, Optimism, and Polygon are going to benefit primarily from the upgrade.

The Dencun upgrade combines changes to both Ethereum’s consensus and execution layers: Ethereum developer unveils significant details about the next big thing in discussion in the crypto industry — blobs. The more use cases will have a high cost attached, but developers expect a cost reduction with time.

Ethereum developers Tim Beiko and Terence revealed that blobs are here in Ethereum blocks on mainnet. The first blob was recorded on slot 8626178, as per Beaconch.in data. Blobs persist in beacon nodes, not in the execution layer, so the required changes in the future will happen to the beacon node. It will enable the execution layer to work on other initiatives.

Blobs are short-lived making it easier to keep disk use manageable. This allows blobs to be priced cheaper than CALLDATA, which is stored in history forever.

EIP-4844 can bring Layer-2 fees down by 80% and enable Ethereum to remain competitive without sacrificing decentralization.

Also Read: Ethereum Dencun Upgrade: Everything You Need To Know

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ETH Price to Rally?

ETH price fell under $4000 after the Dencun upgrade, with the price currently trading at $3,989. The 24-hour low and high are $3,831 and $4,083, respectively. Furthermore, the trading volume has increased by 20% in the last 24 hours, indicating a rise in interest among traders

Despite a slight drop in Ethereum price, the sentiment for $5,000 prevails as derivatives data shows strength. Ethereum futures and options open interests are at an all-time high. Deribit options data indicates calls for $4,500 and $5,000 strike prices before March 29.

Also Read: ETH Price Set for $5000 After Ethereum Dencun Upgrade: Derivatives Data

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Varinder Singh

Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.

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