What does Dencun's upgrade mean? How does the Cancun upgrade affect Ethereum and Layer 2?

phpThe Dencun upgrade (Dencun) is an important upgrade for the Ethereum network. It has a major impact on Ethereum and its Layer 2 solution. The goal of the Cancun upgrade is to improve the security, scalability, and sustainability of the Ethereum network. By introducing a new consensus mechanism and improved data structures, the Cancun upgrade is expected to resolve bottlenecks in the Ethereum network and increase transaction speed and throughput. In addition, the Cancun upgrade will also provide better support for Layer 2 solutions and promote the development of the Ethereum ecosystem. With the implementation of the Cancun upgrade, Ethereum will usher in more stable and sustainable development.

Why is it named Dencun? Cancun is not the full name?

According to the explanation of the Ethereum Foundation, the upgrade of the Ethereum consensus layer will be named in the form of a "star", while the execution layer will use the name of the city where the Developers Conference (Devcon) is held. Therefore, the name Dencun is a combination of the brightest star "Deneb" in the constellation Cygnus and the Devcon3 host city "Cancun", forming the name "Dencun" (Deneb-Cancun).

The Chinese community called this upgrade "Cancun", but in fact it was just a better-named part. The full name should be "Dencun".

Core elements of Dencun Cancun upgrade

1. Upgrade consisting of EIP-4844 and other proposals

Ethereum’s Cancun upgrade (Dencun), with Based on four improvement proposals (EIP)

• EIP-1153

  EIP-4788

  EIP-4844 Proto-Dank Sharding

  EIP-6780

Others include:

• EIP-5656

  EIP-7044

  EIP-7045

  EIP-7514

  EIP-7516

Implementation of these proposals will bring many benefits, including improved scalability , enhance data storage and availability, and reduce transaction costs.

2. Innovation of Danksharding and Proto-Danksharding

Danksharding and proto-danksharding are different iterative versions of sharding technology developed by Ethereum.

• Danksharding is the final stage of the Ethereum 2.0 (Serenity) upgrade and is designed to optimize the data availability (DA) of rollups within the network.

  Proto-danksharding is a prototype of danksharding, a temporary solution that can significantly reduce the GasFee related to rollups before fully implementing the danksharding framework.

(Supplementary: What is the difference in the storage location of Layer2 transaction records? Introduction to the development of off-chain data availability (DA))

3. Introducing Blob-carrying transactions

Blob-carrying transactions were introduced along with proto-danksharding (EIP-4844) to help reduce GasFee. Such transactions can temporarily store and retrieve data off-chain, meaning additional data can be added to Ethereum transactions in a more cost-effective manner.

Benefits of Dencun Cancun Upgrade

The Cancun upgrade (Dencun) is expected to bring faster transaction processing, transaction cost reduction, data management optimization and cross-chain communication optimization. The concept of blob-carrying transactions is introduced to simplify data processing and improve overall network efficiency.

The Impact of Dencun Cancun Upgrade on L2

The Ethereum Foundation hopes to use this method to reduce the data storage cost of Layer 2. EIP-4844 will reduce the cost of Layer 2. As transactions become cheaper, there will be an opportunity to see more L2 activity in 2024.

Other options for L2: General-purpose DA scheme

There is also a general-purpose DA scheme that provides data availability for Layer 2 of Ethereum and can serve more blockchains without being restricted. on Ethereum. For example EigenDA, Celestia, Avail, etc. From a specific perspective, this type of data storage solution based on a decentralized system is actually a variant of Validium. Therefore, Vitalik also said that if the data availability layer relies on such an external decentralized system, the network is also Validium.

Potential risks of Dencun Cancun upgrade

The upgrade may have a potential impact on existing smart contracts, and the complexity of integrating new data storage technology may also bring risks. These require extensive testing and careful consideration during the implementation phase to ensure the safety of all stakeholders.

Dencun Cancun upgrade mainnet update time

1/17Dencun Cancun upgrade has been carried out on the test network Goerli, and Ethereum developers also plan to pass other test networks (including Sepolia and Holesky) The upgrade and deployment will be carried out, and the final deployment on the main network is expected to be around the end of February.

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