The whole locked value of the Ethereum blockchain is believed to be $40 billion, or around Rs. 3,32,144 crore. As the most widely used blockchain globally, Ethereum is always being improved in terms of usability and security, which benefits the Web3 ecosystem. This is due to the diligent work of Ethereum’s developers. Ethereum is preparing for a significant update this year in March that will improve the security and economy of Layer-2 blockchains built on it.
This modification, known as the Dencun upgrade, would lower the amount of data needed to maintain Ethereum-based Layer-2s and lower the cost of processing transactions through Layer-2 blockchains that reside atop the mainnet.
The technical term for this improvement in efficiency and scalability for Layer-2 blockchains based on Ethereum is “proto-danksharding.” Cancun-Deneb is another name for this upgrade.
On March 13, the Ethereum blockchain is scheduled to undergo an upgrade procedure at about 7:25 p.m. IST (1:55 p.m. UTC). According to a Coindesk story, the upgrade will take effect when the Ethereum blockchain reaches position 8626176.
The Dencun update will enhance Ethereum’s scalability feature and optimise the blockchain’s current security protocols. The decrease in petrol costs associated with this upgrade will help developers and consumers of decentralised applications (dApps) built on Ethereum-based Layer-2s, which will boost blockchain activity and broaden use cases.
Social media is ablaze with messages about the imminent Ethereum upgrade, #DencunUpdate, from the cryptocurrency community discussing the change.
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