Cancun upgrade will be a turning point for Ethereum L2

Original source: Ebunker Chinese

In the upcoming Cancun upgrade , Ethereum will usher in major changes, which will increase the speed of Ethereum Layer 2 by 10x, and even have the opportunity to increase by 100 times with lower costs. This article will explore the impact of the Cancún upgrade and the L2 projects that may benefit.

The impact of the Cancun upgrade

The Cancun upgrade will enable the "blob transaction" type implementation. What is a blob transaction? In the past, L2 would periodically store some data on the L1 main chain. This step required the consumption of a lot of ETH GAS fees, which were then evenly distributed to users who traded on L2 in the past period of time to achieve cost reduction.

After the Cancun upgrade is completed, L2 transactions will be stored in blobs. Blobs are more like Ethereum's "external storage space", compared to the previous L1 chain In terms of storage, blob storage costs are cheaper and the space is larger, and the cost of each L2 transaction will be dozens of times cheaper. This will bring major changes to Ethereum L2, and promote Ethereum L2 to achieve the goal of reducing costs and increasing speed.

Cancun upgrade This will be an important inflection point for the Ethereum ecosystem for the following reasons:

Higher transaction speed and throughput: In the future, L2 transactions processed using Optimistic Rollup technology will greatly increase transaction speed and throughput without sacrificing security. This will help alleviate the congestion problem of the Ethereum network and make the application of the Ethereum ecosystem more efficient.

Lower transaction fees: Due to the increased transaction volume on the Ethereum network, transaction fees have also become higher and higher. The Cancún upgrade will result in significantly lower L2 transaction fees, allowing more people to use Ethereum’s L2 network.

Better User Experience: The Cancun upgrade will improve the L2 user experience of the Ethereum ecosystem. Increased transaction speed and reduced transaction fees will allow users to use DeFi faster and cheaper to trade NFT.

More application scenarios: The Cancun upgrade will provide more L2 application scenarios for the Ethereum ecosystem. Higher transaction speed and lower transaction fees will make more people willing to use the Ethereum L2 network to develop and deploy applications, thereby further promoting the development of the Ethereum ecosystem.

Therefore, the Cancun upgrade will be a turning point for Ethereum L2, which will help promote the development of the Ethereum ecosystem, improve the competitiveness of Ethereum, and promote more applications Programs and users enter the Ethereum ecosystem.

L2 projects that may benefit 

Arbitrum and Optimism< /h4>

Arbitrum and Optimism are currently the leading projects of Ethereum L2, have the highest TVL and the most users, have been running for many years, have a mature ecosystem, and have low risks and medium rewards features.

Boba and Metis

Boba and Metis are early forked projects of Optimism, the performance is not inferior to the main L2, but the ecological It's just started, and there are still few applications.

Loopring, Immutable, dYdX

Loopring, Immutable, dYdX are early app-specific zkRollup projects, they will become zk Layer2 when general zkRollup has no tokens a good target.

Polygon

Polygon is not L2, but they have several ZK Layer2 solutions, including Polygon ZKEVM, which have launched the main network and are rapidly iterating.

SHIB and CULT

Both Shib and Cult.DAO have stated that they will launch Layer 2 this year, and if the launch is successful and the ecosystem grows, they will be included like YFI and FXS In L2 narrative.

Prospects for Cancun upgrade

The Cancun upgrade will implement EIP-4844, the implementation of the blob transaction type. This change will greatly enhance the scalability of the Ethereum L2 network, further improving the throughput and transaction speed of the network. This means that Ethereum will be able to better support applications with high transaction loads, such as DeFi and NFT, thereby bringing more users and higher market value to these applications.

Allen, the founder of Ebunker, talked about the Cancun upgrade, saying that after the Shanghai upgrade is completed, the most anticipated thing in 2023 is the Cancun upgrade, which is expected to be successfully completed in the fall of this year. And it will actually bring a big performance improvement to Ethereum's L2. The sharding of the year was a pity, and today's alternatives are finally starting to emerge.

Secondly, the Deneb upgrade also takes into account other code upgrades. Among them, EIP-4788 can disclose the status of the Ethereum consensus layer in the Ethereum execution layer, which will help to minimize trust access, thereby promoting the development of related applications such as pledge pools, re-pledging protocols, and MEV. At the same time, EIP-6914 can reuse validator codes that have completely withdrawn from the network and have not been active for a period of time, which will bring more benefits to validators.

Furthermore, the Cancun upgrade also proposes a potential code change involving backfilling data from the Beacon Chain genesis block and creating a new "historical summary" content, which may This leads to an increase in the storage requirements of the Ethereum network. However, this also lays the foundation for the future development of Ethereum, providing better services for more applications.

Finally, the Cancun upgrade also includes several other proposals, such as PR 3175 and EIP-6493, which will further strengthen the security and consistency of the Ethereum network and provide the long-term benefits for the Ethereum ecosystem. Provide strong support for development.

In short, the Cancun upgrade will be an important milestone in the development of Ethereum, which will further improve the performance, security and scalability of the Ethereum network, and provide more applications with better service.

The original text is from the submission and does not represent the views of BlockBeats

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