New progress has been made in the upgrade of Ethereum Cancun. According to the records of the Ethereum Core Developer Meeting (ACDE) held on the 7th, developers have prepared for the fork upgrade of the testnet. The Goerli testnet is expected to launch the Cancun upgrade in January next year. As a result, Ethereum and Layer 2 tokens have generally increased in value.
After the completion of the Shanghai upgrade in mid-April, validators were able to withdraw long-staked ETH from the beacon chain. Ethereum developers then began preparations for the next major upgrade, the “Dencun upgrade”. The main proposal in the Cancun upgrade, EIP-4844, will make the Ethereum network more scalable, and some of the upgrade content can further reduce transaction fees and network congestion.
The term “Dencun” is a compound word composed of “Cancun” and “Deneb”. In this upgrade, the “Cancun” upgrade occurs at the Ethereum execution layer, including rule changes for all protocols. On the other hand, the consensus layer responsible for block validation will undergo its own fork, which is called “Deneb”. Therefore, the upgrade is collectively called “Dencun”.
The Cancun upgrade was originally expected to be launched before the end of this year, according to Ethereum core developers in June. However, in October, Ethereum developers confirmed that due to some issues during the testing process, the Cancun upgrade could not be implemented before the end of 2023. But now, good news about the Cancun upgrade has finally emerged.
According to Tim Beiko, an Ethereum core developer, during the Ethereum Core Developer Meeting (ACDE) held on the 7th, the status and testing schedule of the Cancun upgrade were discussed, as well as how to plan for the next network upgrade. The meeting records show that Devnet #12 launched the Cancun upgrade last week. Almost all clients, including Reth and Lighthouse, have been running tests on Devnet #12. Some errors have been discovered and fixed. The Prysm Ethereum Client development team is the only team that has not joined the Devnet #12 testing, but is expected to join in the next one or two weeks.
More importantly, Tim Beiko mentioned that developers have prepared for the fork upgrade of the testnet and plan to conduct a large-scale Goerli shadow fork in the coming weeks. Assuming everything goes well, developers are expected to set a fork date for the Goerli testnet early next year and plan to launch the Dencun upgrade on that network in January.
Goerli is the testnet with the highest number of participants and network load after the Ethereum mainnet. Therefore, launching the Dencun upgrade on Goerli means that the launch of the Dencun upgrade on the Ethereum mainnet is getting closer.
After this news came out, Ethereum and Layer 2 tokens generally increased in value.
Coinmarketcap data shows that as of press time, ETH is reported at $2371, with a 24-hour increase of 5.6%. OP is reported at $2.17, with a 24-hour increase of 25.8%. ARB is reported at $1.18, with a 24-hour increase of 10.2%. IMX is reported at $1.53, with a 24-hour increase of 8.2%. SKALE is reported at $0.0458, with a 24-hour increase of 12%.
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Dencun Upgrade
Goerli
Layer 2
Tim Beiko
Ethereum
Cancun Upgrade