Here is the full story:
https://www.observers.com/dencun-upgrade-set-to-boost-ethereum-with-blob-carrying-transactions/
The Ethereum team just dropped a major update – the Dencun upgrade! This bad boy promises cheaper gas fees and faster L2 transactions, basically everything we've been dreaming of.
This is still early days, though. The testnet launch on Goerli had a hiccup, but they fixed it within hours, which is pretty impressive. The next testnet deployments are coming up soon, and if all goes well, mainnet liftoff is targeted for early to mid-March!
So, what do you think? Is Dencun the game-changer we've been waiting for? Will it finally make L2s the norm? Let's discuss!
🤞
Yes it will drop the gas fees on L2s by an order of magnitude or two, which will enable a wider variety of use cases to be economical viable, but I think one of the interesting questions is what other uses people will find for the short-lived blob space. Obviously DA for rollups is the intended use, and will almost certainly be what blobs are mostly filled with, but people are inventive and I’m sure there will be other experiments.
Think we might see a huge sell-off if the staking rewards drop. Investors will move back to BTC.
Ethereum pros & cons with related info are in the collapsed comments below.
uniscam tokens rejoice!
ded
I’m looking forward to it, but price will likely dump and burning will be reduced (in the short term)
Transaction cost on L2 are expected to reduce by 10X. My prediction is that within some amount of time (6 months) transactions on L2 are going to 10X instead, leaving us at basically where we currently are now.
L2s can’t even compete with Solana rn (in terms of volume), i doubt changing in fees will make a big different. You can only lower fees so much until it longer matters. If you have capital, you don’t care about ETH fees (which are low anyway rn due to low gwei/on chain activity) and if you can’t afford fees, you’re off on solana.
Only advantage L2’s have are low fee DAPPs (utility projects) – whether staking or actual on chain applications. In a meme market tho (what we are are somewhat in), they don’t get much attention.
Fuck I’ll never get even on eth
Ethererum network sucks , how is this supposed to replace the banking system. You want to send crypto the fees are bigger than what you want to send. Fortunately there are other networks that work good and don’t have those kinds oh high fees. My hope for ethereum is lost. They should have fixed their fees many moons ago.
Let hope for the positive vibes. The gas fee is another thing entirely.
So the price of eth will go lower, temporarily.
this looks promising. i read somewhere decision for approving ETF for ETH by Blackrock has been deferred till March. Now Dencun might go mainnet around the time. Coinky-dink?
Eth is old tech
Not suitable for mass adoption
Every time there’s an ethereum upgrade the headline is gas fees are going to drop, yet it seems like every time I use ETH months after the upgrade fees are high again.
We shall see how good this upgrade is.
Solana is also set to launch its own upgrade (Firedancer aka Solana 2.0) in Q1 this year.
If Ethereum gets cheap and fast enough, there won’t even be much reason for all these L2s to exist, allowing it to compete directly with alt L1s.
Exciting times ahead with Ethereum if the gas fees problem is fixed a little.
More L2’s. How many Layer 2 chains are holding Ethe together now. Valid question. If someone knows the answer please tell me. I’m guessing at least 5
Honestly, I don’t think so. Ethereum has had its moment as the number one contender to Bitcoin and while it is great and definitely a strong player in the environment, I think it now has to look below it at possible future contenders more than it has to look up for the top spot. The history with the token has been marred with issues for big adoption. I firmly believe that the number 2 spot is safe for a couple of cycles of growth and corrections for sure, but I think that the days of it holding number two in the crypto world as comfortably as it once did are numbered. Newer tokens have been developed to address the issues ETH faced and while ETH battles the issues, the newer tokens are working on further development to undermine its uniqueness.
That being said, I am sure the upgrade will produce a pump before its release followed by a sell off just before release (usually is the case with other upgrades).
When will proto dank sharding happen?
Can someone tell me what the estimated reductions are in % of current fees? I see things like 10x reduction but I don’t know what that means. I’m used to normal real world stuff where people would say things like a “20% reduction in fees” and you can just do current fees minus current fees * 0.2 rather than like some 10x where you do some inverse operation or something.
Awesome, so the price is going to drop several hundred.
I’ll be ready.
What’s the point if L2 is still needed?
Their story is too long
hope this upgrade can solve the high gas fee
what about holesky? they skip it or what
Dencun just dropped like a DeFi bomb! Gas fees melting faster than ice in Dubai, L2s about to take flight like SpaceX. I’m hyped, but cautious optimism, you know?!
Hope to see huge reduction in gas fees
Lower gas fees for awhile or longer?
And right at the start of a huge crypto sell-off. But I must admit it’s nice to have some decent news in a good while. There hasn’t been much for a long time. One good piece of news.
I’m looking forward to not having to spend so much on smaller transactions.