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The second largest blockchain of the Ethereum cryptocurrency is preparing for a new update that will reduce the commission for transactions on the network. An update tagged “Dencun” will also introduce more use cases for Ethereum.
Notably, the Ethereum Foundation announced the Dencun upgrade just three weeks after the Shapella upgrade.
With the upcoming Dencun update, Ethereum network users can now transact with lower fees.
Introducing the Dencun Update – What You Need to Know
The upcoming Dencun update will feature Ethereum Improvement Proposals (EIP). These are proposals aimed at making changes to the network. The Ethereum community usually reviews proposals to accept or reject them.
If the community accepts the EIP, they become part of the Ethereum network codes. Dencun updates have four offerings including EIP-1153, EIP-6475, EIP-4844 and EIP-6748.
The first suggestion is EIP-4844, Proto-Danksharding or The Surge. The Surge aims to use “data blobs” for layer 2 solutions to publish transaction data and confirmations instead of CALDATA.
Blobs offer lower gas costs as they are never permanently stored on the blockchain. The blob aims to reduce transaction fees in Ethereum.
Other Dencun offerings bring a variety of changes
The second important proposal for review is the EIP-6780. This suggestion is to disable the SELFDESTRUCT opcode while still retaining its functionality. The EIP-6780 proposal would allow creating and deleting contracts in a single transaction, but not deleting the contract code or storage.
The third proposal is EIP-1153, which will add two new opcodes, TSTORE and TLOAD, to the network. The developers aim to provide temporary storage that will be cleared after the transaction is completed. This will add more use cases, from reentry locks to ERC20 approvals for a single transaction.
ETH falls on the chart l Source: Tradingview.com
The fourth proposal is EIP-6475: SSZ options. This change is supported by EIP-4844 because it defines one of its SSZ elements in the transaction format. The goal is to facilitate forward compatibility with SSZ objects to be introduced into the network.
While the four suggestions above remain the main ones, the development team has others that could be considered. One likely one is EIP-2537: BLS12-381 Curve Operations Pre-Compilation.
– Featured image by Pexels and chart by Tradingview
