During the upgrade in Cancun, what are the project parties and users busy with?

Author: Xiyou, ChainCatcher
Editor: Marco, ChainCatcher

After many tests and network tests, Cancun upgraded (Cancun -Deneb) will be officially activated at block height 269568 on the Ethereum mainnet. The upgrade is considered the largest since the Ethereum merger.

The upgrade plan will launch the highly anticipated "Proto-Danksharding" new solution (i.e. EIP-4844 proposal), aiming to solve the expansion problem of Ethereum. The scheme introduces the "Blob New Data Format", which allows large data sets to be stored in a compressed temporary format, thereby reducing the cost of publishing data to the Ethereum mainnet. This move helps reduce Layer 2’s transaction gas fees and data availability costs, further promoting the progress of Danksharding’s sharding plan.

As early as February, ChainCatcher had published "One article to understand which performance of Ethereum will be improved by the Cancun upgrade?" ”, “Cancun upgrade is coming, favorable track and 20 projects overview” 2 articles related to Cancun upgrade.

Layer2 network is the party that directly benefits from the Cancun upgrade. After the introduction of the Blob data format, the transaction fee cost is reduced to one thousandth of the original, only less than 0.02 US dollars.

As a beneficiary of the Cancun upgrade, on the eve of the upgrade, how did Ethereum, the Layer 2 network and the crypto community respond, and what actions did they take?

For the Ethereum network, the Cancun upgrade will be quickly adopted throughout the Ethereum ecosystem. Due to the establishment of a dedicated data on-chain channel for the Rollup network, transactions on the main network and Rollup data will be on the chain. It is an independent charging market that will alleviate the current congestion and high gas fee problems of the main network, thus opening a new era of efficiency and scalability for the smart contract network. The current ETH price has exceeded 4,000 US dollars, achieving 7 consecutive positive days. The 2021 high of $4,868 is just around the corner.

Regarding Layer2, according to L2BEAT data, the number of Layer2 currently in operation is as high as 45. Since the beginning of 2024, the TVL of the Layer2 sector has climbed from the initial US$20 billion. On March 13, the Layer2 network was locked The crypto asset value (TVL) of the warehouse is close to $39 billion, an increase of 11% in the past 7 days.

Participating in Cancun upgrade commemorative NFT casting has become a new trend

In order to commemorate this important moment, on the occasion of the upcoming upgrade, multiple project parties and crypto communities Launch commemorative NFT together to celebrate the Cancun upgrade of Ethereum. Participating in the minting of these commemorative NFTs becomes a new way for the crypto community to pay tribute to this upgrade.

First, on February 24th, Consensys, the developer of the Layer 2 network Linea, announced the release of the Cancun upgrade commemorative NFT "Evolved: Dencun NFT". This is the third Ethereum upgrade commemorative NFT issued by Consensys. The first two are Ethereum Merger and Shanghai Upgrade,

This set of commemorative NFTs will be divided into two versions: the public version and the community version. The former is open to all community members; the latter is only available to holders of Ethereum Merger and Shanghai Upgrade NFTs. Issued to one user, users can mint for free on Linea and the Ethereum mainnet within 72 hours of Cancun upgrade activation.

On March 11, the 1-minute NFT video short film titled "The Delivery at Dawn" jointly created by the NFT community Nouns Community and the DAO organizations Agora, The Line and Stateful Works was opened for casting. The fee is 0.004844ETH (approximately $19.5), and Mint fees are supported on Ethereum, Zora, Op Mainnet, Base, Arbitrum, and Blast networks.

This short video is intended to express tribute to the activation of EIP-4844 on the Ethereum main network and the continued work of core contributors. NFT proceeds will be donated to the Ethereum core contributor funding program Protocol Guild, also known as "EIP" by users -4844 NFT Movie”.

The short film tells the story of a child running around a quiet town. A flight attendant arrives with a precious cargo. The town residents work together to help unload the cargo and release magical water, promoting Having grown the town and expanded its possibilities, the town members send them off with gratitude and continue their stewardship. In the short film, many Layer 2 projects participated in guest appearances as residents of the town, including Arbitrum, Base, Farcaster, Optimism, Nouns, Polygon, Scroll, Starknet, Uniswap, ZkSync and Zora.

Since the minting was opened on March 11, 16,385 addresses of this NFT video clip have participated in the minting, and the contributed ETH is 89.56 ETH, worth 394,000 US dollars. Ends March 25th.

Layer2Networks are ready for the upgrade

After the Ethereum Cancun upgrade is implemented, Layer2 networks cannot enjoy it immediately. This new technology needs to be manually integrated, and the time required to complete the integration is different on different Layer 2 platforms. It is reported that it may take several months to complete the integration work on all different Layer 2 platforms.

On March 11, user @nero_eth posted on social media that in the past 30 days, Arbitrum, Optimism and Scroll have released more than 10GB of Calldata data to Ethereum Layer 1, exceeding the sum of other Rollup solutions. This data Will be greatly changed after the upgrade in Cancun.

So, what are you doing to upgrade your Layer 2 network? Representatives of the Four Heavenly Kings of Layer 2 have actually already prepared for the Cancun upgrade and are waiting for it to arrive.

Among them, ZK series representative zkSync has completed the upgrade to be compatible with EIP-4844 on March 12, allowing users to enjoy Blobs immediately when the Ethereum mainnet completes the Cancun upgrade Low Gas brought by data plan.

On the same day, The Starknet Foundation announced that the Starknet mainnet will be upgraded to Starknet 0.13.1 during the Ethereum Dencun upgrade. This upgraded version adds support for EIP-4844, bringing Starknet to Transitioning from using expensive calldata methods to send data to Ethereum to the more cost-effective blobs transaction data type, resulting in significantly lower fees and lower DA fees.

Regarding this upgrade, Polygon stated that its Polygon zkEVM is expected to be online with EIP-4844 on the mainnet around May 1; the Polygon PoS chain will not be included in EIP-4844 because it is not a Rollup solution. Benefit; For Layer2 chains built based on Polygon CDK, chains based on Validium mode are cheap enough, even lower than the cost after Rollup adopts EIP-4844. Despite this, EIP-4844 will still be supported later this year. Using Ethereum for DA chain reduces costs.

OP Rolllup representatives Optimism and Arbitrum will launch and Ecotone and ArbOS20 upgrades respectively on March 14th to implement the EIP changes of the Cancun upgrade.

Among them, Optimism will launch EIP-4844 simultaneously when launching the Ecotone upgrade. At that time, all super chain networks in the Op ecosystem (such as Base, Zora, etc.) will be directly launched from EIP- 4844 benefited.

In addition, on the eve of Cancun’s launch, the Optimism community deployed the “Superchain Savings Estimator” (https://welovetheblobs.xyz/) to estimate the gas fee comparison tool using the Blob data format. Through this tool It can be estimated how much the Gas cost of Superchain Layer 2 built based on Op Stack may be reduced.

After adopting EIP-4844, the cost for users to mint an NFT on the Optimism mainnet will be reduced from US$0.2 to US$0.012.

On March 13, Metis announced that it would launch an upgrade the next day, becoming the first Ethereum Layer 2 to implement decentralization of the sequencer.

However, it should be noted that Arbitrum token ARB will be unlocked in huge amounts on the third day after the Cancun upgrade. Token Unlocks data shows that ARB will be unlocked on March 16 There are approximately 1.111 billion tokens, accounting for more than 76.6% of the total circulation, and are worth more than US$2.3 billion.

In addition to Layer 2 networks, L2BEAT, a data website focusing on the Layer 2 market, has also quietly been upgraded and revised. Today, a new DA (data availability) section was added.

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