Bittime - The Ethereum world was shocked with the launch of Dencun , a network upgrade ( hard fork ) that promised to bring a long-awaited scalability solution. However, it was not Ethereum that was the first to implement Dencun, but Gnosis Chain.
Gnosis Chain, previously known as xDai Chain, a Proof-of-Stake blockchain fully compatible with Ethereum, has managed to lead the way in implementing Dencun. Exactly on March 11, 2024 (Beijing Time) , Gnosis Chain successfully activated Dencun, two days before its launch on the Ethereum main network.
Gnosis Chain's ability to be at the forefront of this is possible due to its careful design. Gnosis Chain has a "Beacon chain" structure and execution layer like Ethereum.
Phillippe Schommers, Director of Infrastructure for Gnosis Chain, in an interview with Blockworks, explained that Gnosis Chain is designed to be like a “research network” for Ethereum, a real-world proof-of-concept for improving the network.
"We want Gnosis Chain to be as similar to Ethereum as possible. That way, applications developed for Ethereum can run seamlessly on Gnosis Chain," said Schommers.
Dencun: Opening the Door to Ethereum Scalability
Dencun focuses on improving Ethereum's scalability through the Layer-2 network . This improvement is achieved by introducing new dedicated data storage channels called "blobs". Blobs will drastically lower transaction costs on Ethereum rollups, a Layer-2 solution that uses Ethereum for data availability.
The launch of Dencun on Gnosis Chain went smoothly. Ethereum's core development team, in a livestream commemorating the hard fork, confirmed there were no reported errors on Gnosis Chain after the forking. Gnosis Chain has now successfully finalized transactions using blobs.
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Dencun Impact: More Affordable Transaction Fees
The magnitude of the reduction in transaction costs due to Dencun is still being debated. Martin Koeppelmann, co-founder of Gnosis, in a Gnosis livestream predicted that the rollup would not reach transaction costs below one cent.
"We believe there is still need for further improvements. Therefore, we have Gnosis Chain as a horizontal scaling solution - very similar to Ethereum - and now we also have a Layer-2 solution on top of Gnosis Chain," explains Koeppelmann.
With Dencun, the technology tools used to launch rollups on Ethereum will automatically also be used on Gnosis Chain. In fact, on the Layer-1 Gnosis Chain layer itself, gas fees paid using xDAI (a stablecoin derived from DAI) are already far below $0.01.
Dencun Implementation: Gnosis Pay Leads the Way
One of the initial implementations of Layer-2 on Gnosis Chain will be used for Gnosis Pay, a recently launched payments network. Gnosis Pay currently operates at the base layer, but will eventually migrate to Layer-2. This migration may be carried out separately by jurisdiction to facilitate regulatory compliance, such as data protection laws.
Towards a More Affordable and User-Friendly Future
Once the Layer-2 infrastructure is built, the next goal is to provide sufficient block space and shift the focus to productive use in the form of applications that can attract non-technical users.
"Migrating from Ethereum to Layer-2, or to another chain with a bridge, or with a sequencer or whatever, is always going to be complicated for the average user," Schommers said. "We need to focus more on developing the app and making it as easy to use as possible."
The launch of Dencun on Gnosis Chain ahead of Ethereum marks an important milestone in Ethereum's development. The successful implementation of Dencun on Gnosis Chain is a valuable proof of concept and raises expectations for Dencun's positive impact on Ethereum's scalability when it is launched on the main network later.
ETH (Ethereum) Price Today
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On March 13 2024, the price of ETH (Ethereum) was at IDR 63,426,579 per coin, down 0.19% in 24 hours and up 13% in the past week.
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Conclusion
The launch of Dencun on Gnosis Chain is an important step forward in Ethereum's journey towards scalability and wider adoption. Gnosis Chain, with its compatible design and focus on Layer-2, has demonstrated its potential as a pioneering platform in testing and deploying innovative solutions.
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