On March 13, 2024, the Dencun upgrade was finally deployed on the Ethereum mainnet. From what it’s understood, the Dencun development will result in transaction charges’ minimisation related to layer-2 networks, along with improvements in Ethereum’s aggregate growth potential.
Reportedly, the Dencun upgrade name was coined by merging Ethereum consensus layer’s Deneb upgrade, which implies the way a consensus is reached between network members over the blockchain’s state, and Ethereum execution layer’s Cancun upgrade, which helps with handling of transactions on the mentioned layer. Official data has shown that the Dencun hard fork encompasses nine separate Ethereum Improvement Proposals (EIPs). As of March 14, 2024 (4.25 pm, Indian Standard Time), at the time of writing, Ethereum was trading close to the $4,000 mark, having an approximately $476 billion worth market capitalisation and around $21 billion worth 24-hour trading volume, as stated by CoinMarketCap, a crypto price-tracking website.
The Dencun upgrade happened almost a year post the Shanghai upgrade in April 2023, which allowed the unstaking of the Ether (ETH) token by its holders for the first time and resulted in Ethereum network clocking over 500,000 validators.
