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A Solution to Ethereum’s High Transaction Costs?

The Ethereum Foundation is already preparing for the next upgrade of the network, called Dencun. Even though Chabela’s firing happened just three weeks ago.

The Ethereum development ecosystem is expected to receive a major upgrade with the imminent release of Dencun. The next network upgrade will introduce a number of far-reaching changes. If all goes as hoped, this will lower transaction costs and enable new use cases.

What is Dencun Upgrade?

Dencun will present an initial set of Ethereum Improvement Proposals (EIPs). Ethereum Improvement Proposals (EIPs) are proposals for changes to the Ethereum network. EIPs go through a review process by the Ethereum community and, if accepted, become part of the network code. Proposals include EIP-4844, EIP-6780, EIP-1153, and EIP-6475.

Dencun’s first major change is EIP-4844, also known as Proto-Danksharding or The Surge. This proposal introduces temporary “data blocks” that Layer 2 solutions can use to propagate transactions and prove data instead of CALLDATA. Since the points are not permanently stored on the blockchain, their gas cost is expected to be significantly lower.

This change is likely to significantly lower the cost of Layer 2 transactions for users, perhaps by an order of magnitude.

Ethereum’s Shapella was upgraded just three weeks ago.

The upgrade is still going on

The second major change is to deactivate the SELFDESTRUCT opcode with EIP-6780. This proposal allows creating and erasing contracts in a single transaction. However, it will also retain the SELFDESTRUCT function.

Although in all other cases the opcode will not delete the storage of the contract or its code.

The third change is EIP-1153, which introduces two new boot codes, TSTORE and TLOAD. Provides transient storage that is cleared at the end of the transaction. This enables many use cases, from re-entry locks to single-transaction ERC20 approvals.

Finally, EIP-6475: SSZ Optionals, a companion to EIP-4844, defines an SSZ element that is part of Transaction Format 4844 (Optional). This is to ensure that it is compatible with future SSZ objects that have been submitted to Ethereum.

Aside from the EIPs that are officially part of the upgrade, customer teams have a short list of EIPs that may still exist. Among them is EIP-2537: A Pre-assembly of BLS12-381 Curve Operations, which has been considered since 2019.

While Dencun is an important step in the development of Ethereum, the upgrade is still in progress. Modifications to EIPs are likely as discussions continue about the best long-term SSZ formats for transactions.

Disclaimer

Adhering to the Trust Project’s guidelines, BeInCrypto is committed to providing unbiased and transparent reporting. This news article aims to provide accurate and timely information. However, readers are advised to independently check the facts and consult with a professional before making any decisions based on this content.

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