Thursday, April 18, 2024

Ethereum Dencun Upgrade: Increased Activity on L2 Restoration Tools.

The historic Ethereum Dencun Upgrade went live on Wednesday, and it is anticipated to significantly reduce transaction prices for layer 2 (L2) projects on the network. Several L2 tokens have experienced a surge in value because of this, such as Arbitrum (ARB) and Lido DAO (LDO), which have increased by about 5%. The upgrade has opened up the possibility of shooting ducks amid the frenzy.

Effects of the Ethereum Dencun Upgrade on Dead L2s

Several Ethereum testnets have already received the live push of the Ethereum Dencun Upgrade. Nevertheless, the actual push to the Ethereum mainnet happened on March 13, which was around a year after the April 2023 Shanghai upgrade. At that point, users were able to unstake their Ethereum (ETH) thanks to the recently updated Proof-of-Stake (PoS) network.

Effects of the Ethereum Dencun Upgrade on Dead L2s

Several Ethereum testnets have already received the live push of the Ethereum Dencun Upgrade. Nevertheless, the actual push to the Ethereum mainnet happened on March 13, which was around a year after the April 2023 Shanghai upgrade. At that point, users were able to unstake their Ethereum (ETH) thanks to the recently updated Proof-of-Stake (PoS) network.

Important benefits of the update include:

  • lowered Ethereum L2 transaction prices significantly.
  • Increased effectiveness of the network
  • economical for consumers.

Together, these benefits led anonymous cryptocurrency user @spreekaway to note that there were a lot of questions regarding how to get an L2 back online. This probably happened as consumers tried to take advantage of the upgrade’s features.

“Ethereum’s Gas-less Era: Dencun will make L2 transactions super cheap, nearly costless, to the point that almost all activity on Ethereum will switch to these networks,” according to CoinDesk, citing the update.

There are already testimonies available. According to @DwarfBattles, “Fees per mint of our NFT badge decreased by more than 5 times after the Dencun upgrade!”

Impact on Blast L2 According to some reports, the update also had an impact on Blast L2, a recent entrant into the Layer 2 market. More specifically, problems with Ethereum’s Dencun update caused the Blast Mainnet to cease generating blocks. To address the problem, core engineers were dispatched.

Influencers and early adopters flocked to Blast L2 as it onboarded businesses promising a novel approach to decentralized finance (DeFi), taking the market by storm. It specifically committed to supporting financial inclusion through the use of a community-driven platform.

In November, the project began the early access portion of its airdrop, which required an invite code for entry.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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