Benefits of Dencun update
The Ethereum Cancun-deneb (Dencun) upgrade is poised to introduce several network improvements:
• Scalability Improvements:
The addition of Proto-Danksharding is anticipated to enhance transaction processing speeds and capacities, particularly benefiting Layer 2 solutions built on the main Ethereum blockchain.
• Gas Fee Reduction:
EIP-4844’s integration of data “blobs” aims to significantly lower gas fees, making transactions more cost-effective.
• Security Upgrades:
Initiatives like EIP-6780 aim to bolster the network’s security measures, providing enhanced protection for user data.
• Efficient Data Storage:
The implementation of EIP-1153 is set to optimize blockchain data storage, leading to more streamlined operations and reduced costs, particularly beneficial for Layer 2 solutions relying on efficient data management.
• Cross-Chain Improvements:
EIP-4788 is designed to enhance the ease and security of cross-blockchain interactions, fostering improved interoperability with Layer 2 solutions.
In summary, the Cancun upgrade is expected to enhance Ethereum’s adaptability, security, and user experience, solidifying its position in the digital asset space and augmenting the capabilities of Layer 2 solutions.