Ethereum, the leading blockchain platform, took another major step towards its anticipated Dencun upgrade amid a major decline in the crypto market. ETH stood as the only top crypto printing green index while Bitcoin price dropped by around 2%. However, the cumulative crypto market cap dropped by 1.28% over the last day.
Ethereum set for Mainnet update
Ether with the Dencun upgrade, successfully deployed the Sepolia test network. As reported The deployment on Sepolia took place at 22:51 UTC on Tuesday. Ethereum core developers showed satisfaction and relief with the uneventful forking process. However, this follows the earlier deployment on the Goerli testnet earlier this month.
Dencun, Ethereum’s latest major upgrade, is expected to introduce the much talked about “proto-dank sharding” feature. The protocol aims to enhance scalability and reduce gas fees by implementing a compressed data storage mechanism known as “blobs.”
The successful deployment on Sepolia sets the stage for the final testnet, Holesky. It is scheduled to take place on February 7. The recent reactions depict that Ethereum enthusiasts and developers are eagerly anticipating the mainnet launch date for Dencun. This comes following the completion of the third successful testnet deployment.
Ethereum Foundation blog stated that the deployment on Goerli and now Sepolia showcases its team’s commitment to thorough testing before implementing the upgrade on the mainnet.
A tough competition for Ether
As we take a look at the broader crypto market, several big performers have emerged during a positive 7 day rebound. Bittensor went on to lead the way with a 70% increase. It is followed by Helium at 37%, and Solana at 25%. Meanwhile, Bitcoin recorded decreased social volume. Experts suggest that there is a growing interest among traders in speculative altcoins which has resulted in a surge of these tokens.
On the other hand, ETH price recorded a surge of just 3% in the last 7 days. It is trading at an average price of $2,304, at the press time.
Recently, Ethereum has witnessed tough competition from other emerging blockchain ecosystems. Platforms like Solana, Cardano, and Avalanche have entered the race to challenge Ethereum’s dominance. However, with the Dencun upgrade addressing pain points and enhancing the protocol’s overall appeal to developers and end-users
It is expected that Ethereum is set to maintain its position after the recent upgrades.
