Ethereum Price Surges To $2,534 As Geth Update Paves Way For Dencun

The leading Ethereum execution layer client, Go Ethereum (Geth), has released a vital update that sets the stage for the upcoming Ethereum mainnet Dencun upgrade. The new version of Geth, v1.13.12, also known as Edolus, is a key component of the Dencun upgrade process. It includes the mainnet fork number for Cancun and fixes a bug related to Geth miner tip enforcement.

The update also implements several Ethereum Improvement Proposals (EIPs) that introduce various enhancements and features to the Ethereum network. Some of these are transient storage opcodes (EIP-1153), Beacon block root in the EVM (EIP-4788), and Shard Blob Transactions (EIP-4844). Other features that are now part of the Ethereum ecosystem are MCOPY instruction (EIP-5656), SELFDESTRUCT restrictions (EIP-6780), and BLOBBASEFEE opcode (EIP-7516).

Besides the EIPs, the Geth update also brings a revamped Grafana dashboard and several fixes and improvements. These include era format for cross-client archive data, configurable RPC request limits, and memory-leak fixes for blob transactions. The update also enhances the compliance with the engine API spec and the minimum miner tip.

Dencun Upgrade Elevates Ethereum

Ethereum developers have agreed on March 13 as the target date for the Dencun upgrade, which is a combination of Cancun and Deneb. Cancun refers to the execution layer of the upgrade, while Deneb refers to the consensus layer of the upgrade.

The Dencun upgrade will be a major breakthrough for Ethereum as it will enable the proto-dank sharding feature, which has been widely discussed in the ETH community. Proto-dank sharding will allow ETH blocks to contain “data blobs”, which will reduce the cost of storing temporary data for layer two solutions.

As a result of these developments, the price of ETH has soared above the $2,500 mark in the last 24 hours. Its seven-day performance has also been impressive, with a gain of over 10.2%. At the time of writing, ETH is trading at $2,534, with a daily volume of over $7.2 billion.

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