Today's ETH Price Still Skyrocketing, Dencun Ready to Open a New Era for Ethereum?

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Bittime  -The price of ETH (Ethereum), the second largest digital asset by market capitalization, was at a 22-month high on Monday. Ethereum (ETH) is currently trading at $3,151, according to CoinGecko, after breaking the $3,000 mark for the first time since April 2022 last week. The price has risen 3.5% since yesterday and more than 8% over the past week.

This price increase is likely related to increased activity and anticipation of the upcoming Ethereum network upgrade, named Dencun . Dencun is scheduled to take place on March 13 and is expected to bring significant changes to the Ethereum ecosystem, especially in terms of transaction fees.

According to Kaiko analyst Dessislava Aubert, “open interest just hit a multi-year high of $7.7 billion and the funding rate is at its highest level since early January,” signaling an influx of new capital into the market due to increased speculative and hedging interest.

Dencun: Hope for a Cheaper Ethereum Future

Ethereum developers call Dencun a “dream come true” that will permanently revolutionize the way development works on the Ethereum network. One of Dencun's main features is “ proto-danksharding ,” which is essentially a method of temporarily storing data on the blockchain . Currently, data is stored on Ethereum forever, which makes it expensive.

With proto-danksharding, data storage costs for layer-2 transactions (a scaling solution outside the Ethereum mainnet) will be drastically reduced. Experts estimate gas fees, transaction fees on the Ethereum network, will fall by up to 75% after Dencun is implemented.

“This is the beginning of a new paradigm for how Ethereum operates,” said Karl Floersch, CEO of OP Labs, builder of the Optimism layer-2 network. "Since 2015, there has been nine years of stagnation in terms of user experience and capability set - a lot of fundamental research needs to be done," he continued. "The fundamental research is done. Now it's time to 'put this into practice'."

Other layer-2 developers believe that Dencun will make transactions on the Ethereum network much cheaper and easier to validate. They predict most retail user traffic will shift to layer-2 networks permanently once Dencun is implemented.

"We're going to enter a world where the vast majority of users won't experience gas at all," said David Silverman, Vice President of Product at Polygon Labs. “And it becomes abstracted.”

ETH Price Today

Source: Bittime.com

On March 4 2024, the price of ETH (Ethereum) was at IDR 55,494,964 per coin, up 2.94% in 24 hours, 3.28% in the last week and 13.97% in the last 30 days.

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Dencun's Potential Impact: More Than Just Cheap Gas Fees

In addition to significantly reducing gas fees, Dencun is expected to open a new era of innovation in the Ethereum ecosystem. With much lower transaction costs, developers can build more complex and sophisticated applications on the network.

"We've never seen what a world would look like when block space was abundant," said Karl Floersch of OP Labs. "We've never seen the kind of applications that people can build."

Floersch anticipates that Dencun will pave the way for the integration of on-chain elements (in blockchain networks) with various products and services in a seamless and cost-effective manner.

Dencun, while focused on technical improvements, has the potential to have far-reaching impacts on the future of adoption and use of blockchain technology as a whole. The scalability and user experience improvements promised by Dencun could attract more users and developers into the Ethereum ecosystem, driving future innovation and growth.

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How to Buy Ethereum (ETH) on Bittime

You can buy and sell  Ethereum (ETH)  in an easy and safe way via  Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

Ethereum (ETH)  is available on Bittime with  the market pair ETH/IDR . To be able to buy  ETH/IDR  at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.

Learn  the complete guide on how to buy Ethereum (ETH) on Bittime . 

Monitor price chart movements  for Ethereum (ETH) , Bitcoin (BTC) , Solana (SOL)  and other cryptos to find out today's crypto market trends in real-time on Bittime.  

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DISCLAIMER : This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.