Ethereum has successfully completed a major software upgrade that should make using the blockchain network ecosystem cheaper. The update enables transactions that previously cost $1 on linked Layer 2 networks such as Arbitrum, Polygon, and Coinbase’s Base to be executed for just a cent.

The Dencun upgrade, a combination of the “Deneb” and “Cancun” portions of the update, introduces a new data storage system for Ethereum. Currently, most Layer 2 blockchains store data on Ethereum, and because this data is stored permanently on every Ethereum node, storage costs often account for around 90% of Layer 2 expenses. These costs are typically passed on to applications, which in turn charge consumers. With Dencun, Layer 2s can now store data in a new type of repository called blobs, which will be cheaper as the data will only be stored for approximately 18 days.

Read more of this story at Slashdot.

Link to original post from Teknoids News

Read the original story