The long-awaited upgrade to the Ethereum network today underwent its final practice run before it goes live.
Developers on Wednesday finalized Dencun, which aims to decrease transaction costs and address scalability issues, on a testnet named Holesky. A testnet allows developers to try out an upgrade before it becomes available to everyone on the mainnetmainnet.
Now, the next step, according to Ethereum Foundation developer Parithosh Jayanthi, is for it to hit the Ethereum mainnet.
Ethereum has long suffered from scalability problems. Simply put, the blockchain behind the second biggest cryptocurrency, ETH, is slow and expensive to use.
Holesky is finalized for Deneb 😀
Churn limit looks good so far and blobs are flowing smoothly!
But the Dencun upgrade aims to fix this issue. One feature of the upgrade is dubbed “proto-danksharding” (or EIP-4844), which developers claim will allow the network to cheaply handle over 100,000 transactions per second. A key feature of proto-danksharding is the introduction of “blobs,” which store data off-chain temporarily and in turn minimize storage and processing costs on Ethereum.
A highly anticipated upgrade to the Ethereum network, called Dencun, crossed a major hurdle, becoming active on the Sepolia testnet on Tuesday. The development follows activation on the Goerli testnet earlier this month.
Welcome data blobs! The Dencun upgrade is live on the Sepolia testnet ✅
All Nethermind nodes are progressing well! pic.twitter.com/usVqLIegyA
— Nethermind (@NethermindEth) January 30, 2024
Dencun introduces "proto-danksharding" to the number one proof-of-stake blockchain. Prot...
The Dencun upgrade will achieve this via Ethereum layer-2 solutions, such as Optimism, which run parallel to the main network. Costs on such networks will be greatly reduced, according to those working on the upgrade.
Ethereum has undergone a number of upgrades since its inception. The most talked-about was dubbed “the merge” back in 2022, which moved the network from proof of workproof of work to proof of stakeproof of stake, dramatically reducing the amount of energy the blockchain consumed.
Developers expect to launch Dencun on the mainnet in the next few weeks.
Daily Debrief Newsletter
Start every day with the top news stories right now, plus original features, a podcast, videos and more.
Curve Finance founder Michael Egorov told Decrypt that "for-hire" hackers are coordinating cross-platform attacks, making it increasingly difficult to secure DeFi projects.
One example is the DNS attack on Curve Finance last month. The decentralized finance protocol's front-end website was compromised, allowing attackers to redirect users to a malicious site.
"Different hackers could coordinate efforts across platforms, compromising them at the same time for greater impact and profit," Egorov to...
HYPE, the native token of Hyperliquid, was a standout performer among altcoins in May, as traders flocked to the decentralized exchange’s perpetual futures offering, according to a report published by asset manager Grayscale on Monday.
HYPE was recently changing hands around $37.72, a 14% increase over the past day, according to crypto data provider CoinGecko. Over the past 30 days, the token’s price has soared 80%. HYPE reached an all-time high of $39.68 just over a week ago.
“Hyperliquid has s...
Publicly traded real estate tech company DeFi Development Corporation further intensified its rapidly growing commitment to Solana with the creation of a liquid staking token alongside a collaboration with Kamino Finance, a leading DeFI protocol in Solana’s ecosystem.
The liquid staking token or LST, called dfdvSOL—which was created with LST platform Sanctum—allows users staking Solana (SOL) via the DeFi Development Corp. validator group to maintain liquidity while their native Solana tokens ar...
