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Blobs unleashed: Ethereum’s Dencun upgrade activates on mainnet

Blobs unleashed: Ethereum’s Dencun upgrade activates on mainnet

The BlockThe Block2024/03/13 14:06
By:The Block

Quick Take Ethereum’s Dencun upgrade was activated on the Ethereum mainnet. It has introduced “blobs” to reduce Layer 2 transaction costs.

Ethereum ETH -1.12% core developers implemented the Dencun upgrade on the mainnet, introducing “blobs," which are expected to make Layer 2 transactions significantly cheaper.

Including the EIP-4844, the upgrade was activated on the network at epoch 269568, at around 10 am ET. The epoch is yet to be finalized.

Ethereum Layer 2 rollups will now be to use blobs instead of the “calldata” method for posting transactions — offering a direct path to fee reduction and passing these savings to end users.

Blobs are intended to enhance Ethereum by improving data availability while not affecting the current infrastructure, thereby reducing transaction costs on Layer 2s such as Base, Optimism, Arbitrum One, zkSync, Starknet, and several others. A separate fee market for blobs will attempt to maintains low cost, even in times of high network congestion. 

While some Layer 2 chains plan to integrate blobs immediately, others may take a while to do so.

Other Dencun improvements

Besides EIP-4844, there are eight other code updates added to Ethereum with Dencun.

This includes EIP-4788 , which introduces what’s known as an “enshrined oracle,” improving communication between Ethereum’s two base layers: the execution layer and the consensus layer. 

Another improvement brought by Dencun is EIP-1153 , focused on “transient storage,” a feature that’s needed for Uniswap version 4 to launch this year.


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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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