Ethereum is one of the popular and important chain for the crypto users. This chain has been working tirelessly on variety of the dApps and the projects that are making the financial world possible. However there are some issues with the ethereum, especially the growing fees that are the concern of the consumers.
Each update ethereum tries to manage the traffic, transaction issues and often ignore the fees in the network. Which in turn has created this problem in the first place. And now that the chain is proof of stake, it'd be a good thing that the developers of ethereum foundation has decided to work on fee issues.
Let's take a look at some of the changes in the Dencun update.
Ethereum has a upgrade roadmap where they have named this roadmap as "The Surge". This upgrade roadmap has made the update called "Dencun". This update was launched on 13th march 2024. This update is basically an hardfork that is made out of the existing chain and has focused onto the scalability issues and the fee problems.
There was a proposal named EIP 4844 which was meant for the upgrade and scalability of the chain and it was designed to reduce the cost of the data and other issues that are happening with the chain. So this update is intended to address some of the issues that are having over past couple of years and it is meant to reduce on those cost issues.
Though the update is new and it would take few weeks before the changes would be visible for all the consumers. Some of the changes and features that are released in this update are - enhancement in the layer 2 performance across the network. Also Proto-Danksharding is managed for the handling of the cost and data in the network.
A large part of the update continues to focus on the security of the chain and the EVM performance too. Though update is good but there are some of the impacts on the consumers of the ethereum chain. There are always security issues and bugs that pop up with each update, this won't be any difference in this update either. A lot of technical challenges are to be expected as well.
Current update is in the mode of the adaption from the network and the stakers. So there would be more feedback that is about to come and get reported to the developers. Ethereum has its set of issues and it is addressing the cost and fee issues in the right direction. So the duncan update is in right direction. Though how much that would change the network is yet to be seen.
As of now the impact on the network is slowly going to be rolled out which would reduce the fees and also improve the performance of the layer 1 and layer 2 across the network. But be ready for the new tech challenges once this update is rolled out. So it would remain to be seen how the update would be taken this time.
Blockchain hardfork and make major changes on regular basis and some of that is not even visible for us on the consumer side. But this update was related to the cost of the network and the fee issues, so it'd be worth watching it's performance.
