Ethereum’s upcoming Denkun upgrade is set to make the layer-2 blockchain more secure: Everything you need to know

The total locked value of the Ethereum blockchain is estimated at $40 billion (approximately Rs 3,32,144 crore). Recognized as the most commercialized blockchain in the world, the developers managing Ethereum remain vigilant in ensuring that the usability and security of the blockchain is top-notch and hence beneficial to the Web3 ecosystem. In March this year, Ethereum is set to undergo a major update that will make the layer-2 blockchain built on it more cost-efficient and secure.

Called the Denkun Upgrade, this change will reduce the data required to maintain the Ethereum-based layer-2, as well as reduce the cost transactions processed through the layer-2 blockchain built on top of the mainnet .

This increase in scalability and efficiency for Ethereum-based layer-2 blockchains is technically being called ‘proto-danksharding’. Another name of this update is also Cancun-Deneb.

The Ethereum blockchain will undergo the update process on March 13 at approximately 7:25 pm IST (1:55 pm UTC). The update will be triggered when the Ethereum blockchain touches slot 8626176. coindesk report,

Along with improving Ethereum’s scalability feature, the Denkun upgrade will also improve the blockchain’s existing security measures. Developers and users of dApps built on Ethereum-based layer-2 will benefit from the reduction in gas prices associated with this update – thus increasing activities on the blockchain and expanding use cases.

The crypto community is talking about this upcoming Ethereum update on social media, with platforms like X being flooded with posts related to #DencunUpdate.

Against the backdrop of this upcoming upgrade, expect to see a surge in Ether prices in the coming weeks. Currently, ETH is trading at $2,498 (approximately Rs 2.07 lakh).

Before Denkun, Ethereum was scheduled to undergo two other major upgrades – The Merge and Shanghai in 2022 and 2023 respectively.

While the merge upgrade replaced Ethereum’s energy-consuming proof-of-work (PoW) mining model with a more efficient proof-of-stake (POS) model, the Shanghai upgrade gave miners the ability to withdraw their staked ether, Which brought more liquidity. Network.

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