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A Breakdown Of EIPs Included In The Dencun Upgrade 2024

By March 13, 20245 minute read

Approximately a year after the Shanghai upgrade in April 2023, Ethereum embarks on another significant evolutionary leap—the eagerly anticipated Cancun-Deneb upgrade, affectionately named Dencun. This upgrade, encompassing both consensus and execution layers, promises to redefine Ethereum’s scalability, security, and user experience. Spearheading this transformation is the pioneering concept of Proto-danksharding, poised to revolutionize transaction processing and fee structures within the Ethereum ecosystem.

Importance of Ethereum’s Dencun Upgrade

Dencun addresses inefficiencies in Ethereum’s data storage and processing, promising a ripple effect across the entire ecosystem. By streamlining the operations, Dencun aims to lower transaction costs and accelerate transaction processing, making Ethereum more cost-effective and efficient. This, in turn, has the potential to attract a broader audience of digital asset entrepreneurs and support all the protocols constructed on top of Ethereum.

Let’s check the Ethereum Improvement Proposals (EIPs) involved in the Dencun upgrade.

List of EIPs in Dencun Upgrade

#1 EIP-7514: “The Gatekeeper”

EIP-7514, also known as “The Gatekeeper,” manages Ethereum’s validator influx, capping new additions at eight per interval to prevent network congestion.

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Let’s understand this with an analogy. It functions like a velvet rope at a lively party, allowing for smooth operations without overcrowding. In this analogy, Ethereum represents a busy event where everyone aims to be a validator, akin to guardians of the network. By limiting the number of guests, it ensures the party remains vibrant without descending into chaos, laying the groundwork for future scalability and efficiency improvements.

#2 EIP-1153: “The Memory Magician”

EIP-1153, “The Memory Magician,” introduces transient storage to Ethereum’s Virtual Machine, similar to a computer’s RAM, enhancing efficiency and reducing gas costs.

Imagine Ethereum as a bustling kitchen where transactions represent ingredients being juggled. Transient storage acts as a magical pantry, vanishing unused ingredients. Transactions communicate swiftly through TLOAD and TSTORE commands, just like chefs passing ingredients. This optimizes transaction flow, like cleaning up a kitchen, ensuring smoother operations, scalability, and fewer errors.

#3 EIP-4788: “The Bridge Builder”

EIP-4788, known as “The Bridge Builder,” constructs a direct channel between Ethereum’s execution and consensus layers, enhancing application safety and efficiency.

Picture Ethereum as a busy city where information flows like traffic between neighborhoods. But sometimes, crucial messages get stuck, causing delays. Enter the “beacon block root,” a fast lane connecting Ethereum’s layers like a secret tunnel. This upgrade enables applications to access vital information swiftly, ensuring seamless operation for staking protocols and other services. It’s akin to installing a high-speed elevator, streamlining communication within the Ethereum ecosystem.

#4 EIP-4844: “The Luggage Carrier”

EIP-4844, dubbed “The Luggage Carrier,” introduces blob-carrying transactions to alleviate congestion in Ethereum.

Imagine Ethereum as a crowded airport, with transactions similar to planes landing on crowded runways. Enter the blobs: tiny cargo containers accompanying regular transactions, like carry-on luggage. These blobs ease runway congestion, ensuring smoother traffic flow. Mainly utilized by Ethereum Layer 2 rollup sequencers, blobs expedite processing without compromising decentralization. It’s like adding extra runways, enhancing Ethereum’s airspace efficiency, and streamlining your blockchain journey.

#5 EIP-6780: “The Code Keeper”

EIP-6780, named “The Code Keeper,” aims to enhance Ethereum’s stability and reliability by regulating the SELFDESTRUCT operation.

Imagine Ethereum as a playground where smart contracts resemble kids playing with LEGOs. Occasionally, excitement leads to demolishing each other’s creations. SELFDESTRUCT acts as an “undo” button, but widespread access could cause chaos. Hence, this proposal restricts SELFDESTRUCT usage to the creating contract, similar to assigning each kid their toy box. This measure maintains the playground’s safety, allowing everyone to build their dreams without the threat of unintended destruction, preserving Ethereum’s stability and reliability for its inhabitants.

#6 EIP-5656: “The Data Dynamo”

EIP-5656, “The Data Dynamo,” introduces the MCOPY instruction to Ethereum’s Virtual Machine (EVM), optimizing memory usage and reducing gas costs. This instruction facilitates efficient data copying within Ethereum’s memory, enhancing transaction processing efficiency.

Imagine the EVM as a crowded workshop, with data similar to raw material awaiting crafting. However, moving this data feels like dragging heavy blocks of marble. MCOPY acts as a magical wand, swiftly zipping data around the workshop. MCOPY transforms the workshop into a well-oiled machine by streamlining data copying within Ethereum’s memory, accelerating transaction processing. It’s like upgrading from manual to power tools, enhancing Ethereum’s efficiency for its growing community of creators.

#7 EIP-7044: “The Exit Maestro”

EIP-7044, “The Exit Maestro,” simplifies voluntary exits in Ethereum’s staking, ensuring smoother user experiences.

Picture Ethereum’s staking as a grand theater where stakers await their cue. However, finding the backstage exit can be difficult, leaving stakers feeling lost. EIP-7044 acts as a helpful guide, offering indefinite backstage passes for graceful exits. By extending the validity of voluntary exit messages, stakers can leave the stage at will, irrespective of backstage changes. It’s similar to adding a VIP entrance, enhancing Ethereum’s staking appeal for all performers, orchestrating smooth exits, and improving usability.

#8 EIP-7045: “The Time Extender”

EIP-7045, “The Time Extender,” enhances Ethereum’s block confirmation process by extending validators’ time window for block attestations.

Validators play a crucial role in confirming block validity, just like a relay race where handoffs sometimes occur too quickly. EIP-7045 acts as an extra lap, granting validators more time for smooth handovers. This proposal accelerates block confirmation and enhances network efficiency by extending validation time. It’s similar to giving the relay team a breather, ensuring Ethereum can manage even the heaviest network traffic effortlessly, fostering smoother operations and faster confirmation times.

#9 EIP-7516: “The Price Scanner”

EIP-7516, “The Price Scanner,” introduces the BLOBBASEFEE opcode to Ethereum, streamlining transaction processing.

Visualize Ethereum’s network as a crowded marketplace where transactions resemble customers unsure of the right price. The BLOBBASEFEE opcode acts as a convenient price scanner, providing upfront base fee information. This ensures fairer and faster transactions, akin to adding price tags to every item, enhancing efficiency for all involved. By allowing direct access to this information, rollups and Layer 2 solutions contribute to smoother transaction processing, optimizing resource allocation. EIP-7516 revolutionizes Ethereum’s transaction dynamics, fostering a more transparent and streamlined marketplace experience.

Curtain Thoughts

The Dencun upgrade represents a pivotal moment in Ethereum’s journey, unlocking new scalability, security, and usability realms. By implementing these groundbreaking proposals, Ethereum paves the way for the next wave of digital asset entrepreneurs, adopters, and decentralized innovations. As Ethereum continues to evolve, Dencun stands as a testament to its strong commitment to progress and innovation in the blockchain space.

Disclaimer: Cryptocurrency is not a legal tender and is currently unregulated. Kindly ensure that you undertake sufficient risk assessment when trading cryptocurrencies as they are often subject to high price volatility. The information provided in this section doesn't represent any investment advice or WazirX's official position. WazirX reserves the right in its sole discretion to amend or change this blog post at any time and for any reasons without prior notice.
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Harshita Shrivastava

Harshita Shrivastava is an Associate Content Writer with WazirX. She did her graduation in E-Commerce and loved the concept of Digital Marketing. With a brief knowledge of SEO and Content Writing, she knows how to win her content game!

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