Cryptocurrencies
Ethereum Network Finishes Cost-Cutting ‘Dencun’ Software Upgrade
- Software upgrade reduces costs for so-called Layer 2 chains
- Upgrade expected to spur on development of new apps and chains
A customer buys Ethereum at a cryptocurrency ATM in Bratislava, Slovakia.
Photographer: Michaela Nagyidaiova/BloombergThis article is for subscribers only.
Ethereum has successfully completed a major software upgrade that should make using the blockchain network ecosystem cheaper.
Referred by developers as Dencun, the update lowers expenses for so-called Layer 2 networks — dozens of chains like Arbitrum, Polygon and Coinbase Global Inc.’s Base that link to Ethereum. A transaction that used to cost $1 can now be done for a cent, while a transaction that used to cost a few cents will now cost a fraction of a cent.