What is the dencun upgrade?

The Dencun upgrade, a combination of the "Deneb" and "Cancun" portions of the update, introduces a new data storage system for Ethereum. Currently, most Layer 2 blockchains store data on Ethereum, and because this data is stored permanently on every Ethereum node, storage costs often account for around 90% of Layer 2 expenses.

Is dencun a scalability upgrade?

The long-awaited upgrade to the Ethereum network today underwent its final practice run before it goes live. Developers on Wednesday finalized Dencun, which aims to decrease transaction costs and address scalability issues, on a testnet named Holesky.

What is 'dencun'?

May 29-31, 2024 - Austin, Texas The biggest and most established global event for everything crypto, blockchain and Web3. Register Now Ethereum, the second-biggest blockchain after Bitcoin, activated its much-anticipated "Dencun" upgrade, a move to spur growth on so-called layer-2 networks like Arbitrum and Polygon, by reducing their data fees.