Ethereum's Dencun Upgrade: Revolutionising the ETH Blockchain
The scheduled hard fork on Ethereum, known as the Dencun upgrade, which includes the introduction of Blobs, is set to occur on 13 March at 13:55:35 PM UTC.
Blob transactions incorporate supplementary data, expanding block space usage and consequently reducing transaction costs.
Both optimistic and zero-knowledge rollups can harness the additional data space to decrease transaction costs, enhancing efficiency and affordability.
a successful implementation of Dencun on the Ethereum mainnet could potentially reduce layer 2 costs by up to 10 times.
The primary objective of this upgrade is to enhance the cost-effectiveness and accessibility of decentralised applications for users utilising Layer 2 solutions.
Vitalik Buterin stressed Ethereum's need for scalable infrastructure to enable cheap transactions. Presently, Ethereum's average transaction cost is $3.75.