Base to support Ethereum’s Dencun Upgrade from Day One

• Ethereum Layer 2 Base team announced that it will support the next Dencun update starting on day one.
• EIP-4844 presents a brand-new idea for Layer 1 blocks called “blobs.”

In an effort to lower network fees, the Ethereum Layer 2 Base team announced that it will support the next Dencun update starting on day one, including the much-awaited EIP-4844.

On March 13, 2024, at 13:55 UTC, Dencun will activate on the Ethereum mainnet at epoch 269568. Stakers and node operators need to update their software.

Dencun’s deployment on Ethereum is anticipated to result in a major reduction in fees for Layer 2 customers. Base estimates indicate a reduction of more than ten times, with rollups benefiting the most.

The Dencun upgrade, scheduled for March 13, will improve data availability. The Ecotone OP Stack upgrade, which is scheduled to provide its advantages to the Optimism Superchain ecosystem, of which Base is a part, will come right after this mainnet upgrade. Other members of this ecosystem include Mode, Zora, Aevo, and Fraxtal.

Proto-danksharding, or EIP-4844, is a significant feature of the Dencun update that makes it easier to store off-chain data temporarily. With an emphasis on helping Layer 2 rollup chains, this innovation seeks to reduce the storage load on Ethereum nodes, perhaps resulting in a significant decrease in transaction costs for decentralized apps (dApps).

Ethereum fees rise to such an extent during times of heavy demand and traffic that the network practically stops functioning. Layer-2 solutions will make it feasible to conduct transactions at all times with almost no transaction fees. Dencun’s main feature is the revolutionary introduction of proto-danksharding through Ethereum Improvement Proposal (EIP) 4844, which is intended to significantly improve network scalability and lower operating costs. This represents a significant advancement in Ethereum’s infrastructure.

Additionally, Dencun will include the following upgrades:
EIP-4788: Enhances overall network efficiency and interoperability by bridging the communication gap between Ethereum’s execution and consensus levels.
EIP-6780: Improves security and guards against potential vulnerabilities related to the use of the “SELFDESTRUCT” function in smart contracts. On the Ethereum blockchain, a smart contract can erase itself by using the SELFDESTRUCT command. This deletes all of its data and sends any remaining Ether to a designated address. It can be used to terminate a contract and clear up space, but because it introduces unpredictability into the blockchain, it may also result in security problems.
EIP-5656: Enhances the efficacy and economy of the network by introducing a new opcode for smart contracts that allows for more efficient memory copying.
EIP-7044: It focuses on voluntary withdrawals from the Ethereum network, with the goal of giving stakeholders a more seamless and adaptable experience.
EIP-7045: This upgrade focuses on attestation inclusivity and aims to make staking even more enjoyable by streamlining and simplifying the participation process.

We’re getting close to a major milestone on the journey to a better internet

With the upcoming Dencun and Ecotone OP Stack upgrades, gas fees will be radically reduced for users of Ethereum L2s like Basehttps://t.co/LDAaXBWtxQ

— Base 🛡️ (@base) March 7, 2024

EIP-4844 presents a brand-new idea for Layer 1 blocks called “blobs.” These blobs are intended to function as an additive feature, boosting Ethereum’s data availability without affecting the current infrastructure and enabling less expensive Layer 2 transactions. Even in extreme network congestion, low costs are guaranteed by an independent fee market for blobs.

The update will help make transactions more affordable and quicker, which would increase the accessibility of decentralized apps in domains like limit order book exchanges and on-chain gaming. In the meantime, similar predictions about lower fees following Dencun have been made by other Layer 2 initiatives, such as Polygon, zkSync, and Arbitrum. 

With the security, stability, and scalability required to run onchain apps, Base is designed as an Ethereum L2. Base allows deployment of any EVM codebase with assurance and onramp users and assets from Coinbase, Ethereum L1, and other chains that are compatible.

Because of the protocols that are integrated into its ecosystem, Ethereum is unique in the cryptocurrency space as the main source of fees. This provides evidence of Ethereum’s long-term viability in addition to showing that a sizable user base is actively interacting with these products. Ethereum’s ecosystem is likely to continue thriving since it has demonstrated over and again that it can generate considerable revenue. Major protocols such as Base are looking to integrate ETH upgrades on launch indicating a string support for the ETH ecosystem.

Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.