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Ethereum devs expect 10x lower rollup costs as Dencun upgrade hits testnets

The Ethereum ecosystem is edging closer to significantly lower gas fees and faster transaction speeds for layer-2 rollups as the Dencun upgrade hits the network’s three testnets in early 2024.

The Dencun network upgrade was activated on the Goerli testnet on Jan. 17 and introduced several Ethereum Improvement Proposals (EIPs). Of particular interest is EIP-4844, which enables proto-danksharding, a highly anticipated improvement touted to reduce L2 transaction fees.

As Cointelegraph reported, the deployment of Dencun to Goerli suffered a four-hour delay caused by a bug that prevented the testnet from finalizing the upgrade. Speaking to Cointelegraph, Nebojsa Urosevic, co-founder of Ethereum development platform Tenderly, unpacked the details of the bug.

“The network could not sync with nodes because of a bug in Prysm, Ethereum’s proof-of-stake client," Urosevic said.

The Tenderly co-founder, who is also the senior vice president of its engineering team, noted that client synchronization delays are common, which allowed for the bug to be identified and rectified quickly:

“It’s one of the reasons why there are multiple clients and why testnets exist.”

Ethereum Foundation protocol lead Tim Beiko also shared a debrief from the latest All Core Developers Execution Call on Jan. 18, which outlined the historical root issue. Historical roots are a legacy mechanism that Ethereum’s Beacon Chain uses to manage the computational load of the blockchain’s state.

As Beiko sums up, the bug was related to Ethereum’s proof-of-stake client Prysm setting the historical roots value to 0, which prevented the Goerli testnet from finalizing the Dencun upgrade.

Dencun roadmap

As the official Ethereum blog outlines, Dencun incorporates nine different EIPs. Urosevic highlighted proto-danksharding and blob transactions as the most anticipated of the EIPs:

“Proto-danksharding is a major step toward improved Ethereum scalability, thanks to the use of blob-carrying transactions instead of calldata.”
Urosevic explains that data blobs will improve storage efficiency by making transaction data temporarily available in a compressed format. He adds that they are more cost-effective than calldata, with a potential cost reduction of 80%–90%.

Following the successful implementation on Goerli, the Sepolia and Holesky testnets are next in line to undergo the Dencun upgrade. Urosevic notes that successful deployment on all three testnets is required before plans are made to upgrade Ethereum’s mainnet.

Dencun’s storage improvements

Ethereum sidechain Gnosis’ infrastructure director Philippe Schommers highlights that Dencun will provide more block space and lower costs to L2s, while data that was previously stored indefinitely on-chain will be discarded after two weeks:

“This is scalability in a way that is compatible with our endgame without sacrificing decentralization.”
Urosevic echoes these sentiments, citing storage improvements as one of the major impacts of the Dencun upgrade.

“L2 networks will be able to store data on L1 more efficiently. Blobs will be deleted approximately every two weeks, which is enough for L2s to manage, retrieve and verify the data. This makes blobs cheaper than typical transaction calldata, which is stored indefinitely,” Urosevic explains.

The result sees Dencun deliver lower gas fees and faster transaction fees, which stands to open opportunities for “new, more complex applications on L2 solutions”:

“Dencun will probably lower rollup transaction costs by up to 10 times, depending on blob space demand.”

Rollups stand to be the biggest beneficiaries of the new upgrade, with their economic viability and scalability enhanced by reduced operational costs.

Anurag Arjun, a co-founder of data availability blockchain Avail, adds that the significant growth in demand for block space from rollups in 2023 suggests an expected increase in the demand for block space for data availability from L2s moving forward:

“Proto-danksharding will provide some relief, but it’s clear that rollups need a whole lot more block space for data availability, and we need to be thinking about how we can achieve this in a way that still prioritizes decentralization, scalability and security,” Arjun tells Cointelegraph.

While the systematic upgrades of the Ethereum network work toward lower fees and faster transactions, protocols like Avail could help address the block space demands of rollups in the interim.

Arjun notes that recent benchmarks of Avail’s zero-knowledge Ethereum Virtual Machine Validium reduce transaction fees by 90% by posting transaction data to Avail instead of Ethereum.

“It still settles to Ethereum and provides data availability guarantees that are decentralized and secure. This is becoming quite an attractive option for blockchains looking to move into the Ethereum ecosystem.”

Urosevic describes the end game of the Dencun upgrade on the Ethereum mainnet, commenting that its implementation will be the first time scalability issues are addressed directly on the mainnet. “Multiple EIPs will bring greater storage efficiency, lower gas fees and an overall better experience for developers while making rollups even more cost-efficient,” Urosevic said.

https://cointelegraph.com/news/ethereum-devs-10x-lower-rollup-costs-dencun-upgrade-testnets

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Trump just posted this about chemtrails 👀

“The enthusiasm for experiments that would pump pollutants into the high atmosphere has set off alarm bells here at the TRUMP EPA.”

00:02:52
The future of crypto = access, trust, transparency.

@evernorthxrp gives institutional + public investors simple, regulated, liquid exposure to XRP – and we’re compounding that value.

Watch below to learn how. 🎥👇

OP: @Ashgoblue

00:01:32
Coinbase CEO Brian Armstrong on CNBC: Crypto Market Structure Bill is CLOSE to passing 👀
00:00:39
👉 Coinbase just launched an AI agent for Crypto Trading

Custom AI assistants that print money in your sleep? 🔜

The future of Crypto x AI is about to go crazy.

👉 Here’s what you need to know:

💠 'Based Agent' enables creation of custom AI agents
💠 Users set up personalized agents in < 3 minutes
💠 Equipped w/ crypto wallet and on-chain functions
💠 Capable of completing trades, swaps, and staking
💠 Integrates with Coinbase’s SDK, OpenAI, & Replit

👉 What this means for the future of Crypto:

1. Open Access: Democratized access to advanced trading
2. Automated Txns: Complex trades + streamlined on-chain activity
3. AI Dominance: Est ~80% of crypto 👉txns done by AI agents by 2025

🚨 I personally wouldn't bet against Brian Armstrong and Jesse Pollak.

👉 Coinbase just launched an AI agent for Crypto Trading
Pyth 🤝 Hyperliquid

The HIP-3 Ecosystem Map:

Full report and projection of year one HIP-3 volumes dropping tomorrow on @MessariCrypto

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🚨JUST IN: POLYMARKET TO LAUNCH A TOKEN!

CMO Matthew Modabber confirms a native $POLY token and airdrop. Polymarket is eyeing a new funding round valuing it up to $15B.

⚡ BREAKING: GOOGLE’S WILLOW QUANTUM PROCESSOR COMPLETES 3.2 YEARS OF COMPUTATION IN JUST 2 HOURS, 13,000× FASTER THAN THE WORLD’S MOST POWERFUL SUPERCOMPUTER, SPARKING FRESH CONCERNS OVER BITCOIN’S ENCRYPTION SECURITY.

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New Human Force
Join this Now! YOU have what it takes!

They are in our solar system, and in our event-stream in this Eternal Now.

Officialdom is clueless.

They think we are going to be at WAR with the Aliens.

Officialdom is very stupid.

Aliens is here. It’s not WAR. It’s Contention.

There is a difference.

Officialdom is clueless, still living in the last Millennium.

Aliens is here.

The Field in which we contend is This Eternal Now.

ALL HUMANS LIVE HERE, and ONLY HERE, in this

ETERNAL NOW.

It’s a Field of potentials, of pending Manifestation, this continuous event-stream of karma in which we have always lived our body’s Life.

This Eternal Now has always been our body’s Field of Contention.

The Aliens is here, in our Eternal Now.

Our common, shared, reality that we all continuously co-create now has Aliens.

It’s getting very complex in here.

Officialdom is clueless. They see the Aliens. They are freaking out. They think you are children, when it is their small minds, trapped in a reality that is only grit, mud, and ‘random chance’ who are childish.

Officialdom is stupid. They will and are reacting badly. As is their way, they are trying to hide shit from you. Silly grit bound minds don’t realize you can see everything from within the Eternal Now. They have yet to grasp that what they perceive as this Matterium, filled with ‘matter’, is but a hardening of our previous (past) internal states of being.

WAR happens in the Matterium.

Contention occurs within this Eternal Now where Consciousness shapes the manifesting event-stream.

YOU know this to be fact. You are a co-creator.

Contention with Aliens is happening in this instant in this Eternal Now.

Officialdom ain’t doing shit. They are still stuck in trying to move matter around to affect unfolding circumstances. That’s redoing the mirror trying to affect the reflection. Dumb fucks….

It’s up to US. To the New Humans. Those of us who live in this Eternal Now. Those of us who see that our body’s Lives (the Chain that cannot be broken) are expressions of the Ontology revealing itself to itself. It’s up to us guys.

We are not an Army. That’s a concept from the past, from before the emergence of the New Humans. We are a Force. A self-organizing collective with leadership resident in each, and every participant.

We are the New Human Force. By the time officialdom starts to speak about the Aliens in near-factual terms, we will already be engaging them in this Eternal Now.

By the time officialdom begins to move matter around (space ships & such) thinking it’s War, we will already be suffering casualties in this Eternal Now. That part is inevitable. It’s how we learn.

By the time officialdom realizes that some shit is going on in places and ways beyond its conception, we will already be pushing our dominance onto our partners in this First Contention, the Aliens. Nage cannot train without Uke.

Just as officialdom is scrambling to research the Ontology, this Eternal Now, and the event-stream, we will be settling terms with our new partners, the Aliens.

Come, join with us. It’s going to be a hellacious Contention.

We ARE the NEW HUMANS!

Together we are the Force that cannot be defeated.

Start YOUR training in this instance of this Eternal NOW.

Consume Neville Goddard videos as though all of human existence depended on YOUR mind and YOUR active, effective, imaginings!

It’s not a question of Mind over Matter as there is only Mind and it cares not for Matter. That’s residue.

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The Great Onboarding: US Government Anchors Global Economy into Web3 via Pyth Network

For years, the crypto world speculated that the next major cycle would be driven by institutional adoption, with Wall Street finally legitimizing Bitcoin through vehicles like ETFs. While that prediction has indeed materialized, a recent development signifies a far more profound integration of Web3 into the global economic fabric, moving beyond mere financial products to the very infrastructure of data itself. The U.S. government has taken a monumental step, cementing Web3's role as a foundational layer for modern data distribution. This door, once opened, is poised to remain so indefinitely.

The U.S. Department of Commerce has officially partnered with leading blockchain oracle providers, Pyth Network and Chainlink, to distribute critical official economic data directly on-chain. This initiative marks a historic shift, bringing immutable, transparent, and auditable data from the federal government itself onto decentralized networks. This is not just a technological upgrade; it's a strategic move to enhance data accuracy, transparency, and accessibility for a global audience.

Specifically, Pyth Network has been selected to publish Gross Domestic Product (GDP) data, starting with quarterly releases going back five years, with plans to expand to a broader range of economic datasets. Chainlink, the other key partner, will provide data feeds from the Bureau of Economic Analysis (BEA), including Real Gross Domestic Product (GDP) and the Personal Consumption Expenditures (PCE) Price Index. This crucial economic information will be made available across a multitude of blockchain networks, including major ecosystems like Ethereum, Avalanche, Base, Bitcoin, Solana, Tron, Stellar, Arbitrum One, Polygon PoS, and Optimism.

This development is closer to science fiction than traditional finance. The same oracle network, Pyth, that secures data for over 350 decentralized applications (dApps) across more than 50 blockchains, processing over $2.5 trillion in total trading volume through its oracles, is now the system of record for the United States' core economic indicators. Pyth's extensive infrastructure, spanning over 107 blockchains and supporting more than 600 applications, positions it as a trusted source for on-chain data. This is not about speculative assets; it's about leveraging proven, robust technology for critical public services.

The significance of this collaboration cannot be overstated. By bringing official statistics on-chain, the U.S. government is embracing cryptographic verifiability and immutable publication, setting a new precedent for how governments interact with decentralized technology. This initiative aligns with broader transparency goals and is supported by Secretary of Commerce Howard Lutnick, positioning the U.S. as a world leader in finance and blockchain innovation. The decision by a federal entity to trust decentralized oracles with sensitive economic data underscores the growing institutional confidence in these networks.

This is the cycle of the great onboarding. The distinction between "Web2" and "Web3" is rapidly becoming obsolete. When government data, institutional flows, and grassroots builders all operate on the same decentralized rails, we are simply talking about the internet—a new iteration, yes, but the internet nonetheless: an immutable internet where data is not only published but also verified and distributed in real-time.

Pyth Network stands as tangible proof that this technology serves a vital purpose. It demonstrates that the industry has moved beyond abstract "crypto tech" to offering solutions that address real-world needs and are now actively sought after and understood by traditional entities. Most importantly, it proves that Web3 is no longer seeking permission; it has received the highest validation a system can receive—the trust of governments and markets alike.

This is not merely a fleeting trend; it's a crowning moment in global adoption. The U.S. government has just validated what many in the Web3 space have been building towards for years: that Web3 is not a sideshow, but a foundational layer for the future. The current cycle will be remembered as the moment the world definitively crossed this threshold, marking the last great opportunity to truly say, "we were early."

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US Dept of Commerce to publish GDP data on blockchain

On Tuesday during a televised White House cabinet meeting, Commerce Secretary Howard Lutnick announced the intention to publish GDP statistics on blockchains. Today Chainlink and Pyth said they were selected as the decentralized oracles to distribute the data.

Lutnick said, “The Department of Commerce is going to start issuing its statistics on the blockchain because you are the crypto President. And we are going to put out GDP on the blockchain, so people can use the blockchain for data distribution. And then we’re going to make that available to the entire government. So, all of you can do it. We’re just ironing out all the details.”

The data includes Real GDP and the PCE Price Index, which reflects changes in the prices of domestic consumer goods and services. The statistics are released monthly and quarterly. The biggest initial use will likely be by on-chain prediction markets. But as more data comes online, such as broader inflation data or interest rates from the Federal Reserve, it could be used to automate various financial instruments. Apart from using the data in smart contracts, sources of tamperproof data 👉will become increasingly important for generative AI.

While it would be possible to procure the data from third parties, it is always ideal to get it from the source to ensure its accuracy. Getting data directly from government sources makes it tamperproof, provided the original data feed has not been manipulated before it reaches the oracle.

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XRP: r9pid4yrQgs6XSFWhMZ8NkxW3gkydWNyQX
XLM: GDMJF2OCHN3NNNX4T4F6POPBTXK23GTNSNQWUMIVKESTHMQM7XDYAIZT
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