Ethereum Plans For Dencun Upgrade: Is This The End Of Roll-Ups?
07 Mars 2024 - 3:00AM
NEWSBTC
Ye Zhang, the co-founder of Scroll, a layer-2 project using
zero-knowledge proof, is cautiously optimistic about the upcoming
Dencun upgrade. In a post on X, Zhang pointed out
Dencun’s potential benefits, particularly the low transaction fees.
However, in the same post, the co-founder highlighted the likely
challenges it could present for existing layer-2 scaling solutions
using roll-ups. Dencun Introduces EIP-4844 In Ethereum: What It
Means Ethereum developers plan to implement Dencun in mid-March.
Implementing the Ethereum Improvement Proposal (EIP)-4844 is a big
part of this hard fork. With this execution, the proposal will
introduce a new “blob-carrying transaction” feature. What’s
unique about these transactions is that they allow users to cheaply
attach blobs, which are large amounts of data, compared to
traditional Ethereum transactions. Related Reading: Shiba Inu
Whale Shifts 1.25 Trillion SHIB Amid Market Volatility, Here’s The
Destination Based on observations from the Goerli testnet, Zhang
anticipates blobs to be 3-5 times cheaper than traditional call
data on Ethereum. Accordingly, the vast difference means innovative
developers can come up with blob-inscriptions. These inscriptions
will effectively compete with layer-2 solutions like Arbitrum or
Optimism leveraging roll-ups. This possibility cannot be
discounted because, in essence, EIP-4844 aims to reduce layer-2
transactions through blob transactions. Effectively, the proposal
means the foundation of Blob inscriptions. This solution
takes a different approach but could take on roll-up platforms if
widely adopted. It will be the case if users transacting large
chunks of data realize the advantage of going the blob inscription
route. Even so, roll-ups will carry distinct advantages over blob
inscriptions. A notable one is the superior scalability of
roll-ups. These solutions can inherently process more transactions
every second. Additionally, they are secure since they inherit
security from the Ethereum mainnet. ETH Prices Steady Above $3,800
Still, until after Dencun is implemented, the impact of EIP-4844
will be thoroughly measured. Overall, the Ethereum and layer-2
communities are ecstatic for the upgrade, expecting it to thrust
ETH even higher in the current bull run. Ethereum is trading above
$3,800. It has been up by double digits in the past week, and
experts are predicting even more gains in the days ahead. Related
Reading: Analyst Cites Key Indicators That Signal Bitcoin
Correction In the medium term, bulls target $5,000, around the
all-time high. Amid the boom in ETH and crypto prices, interest in
Ethereum layer-2 solutions continues to expand. The latest
L2Beat data shows that Arbitrum, Optimism, and other
alternatives manage over $36 billion. Arbitrum, enjoying its
first-move advantage, manages nearly $16 billion. Feature image
from Shutterstock, chart from TradingView
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