The Crypto Roundup: 14 March 2024 | CryptoCompare.com

The Ethereum blockchain has successfully implemented its highly-anticipated Dencun hard fork, considered the most significant since the Merge in September 2023. The upgrade aims to faciliate cheaper transactions on Ethereum’s Layer-2 networks.

Dencun comes nearly a year after the Shanghai upgrade – which started allowing ETH stakers to unstake – and incorporates a total of nine Ethereum Improvement Proposals (EIPs) designed to enhance both the execution layer, which processes transactions, and the consensus layer, which ensures network agreement.

The hard fork introduces proto-danksharding through EIP-4844, allowing data to be handled through a storage mechanism called “blobs,” which are large blocks of data that can be “much cheaper than similar amounts of calldata,” according to Ethereum co-founder Vitalik Buterin.

According to a Fidelity Investments report, however, users seeking lower fees are likely going to have to rely on Layer-2 scaling solutions, which may involve decentralization and security trade-offs.

Ethereum’s mainnet gas fees, meanwhile, remain high with an average token swap on-chain costing over $86 in gas fees, while non-fungible token sales average over $145.

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• Source: https://www.cryptocompare.com/email-updates/daily/2024/mar/14/