The progress of the "Cancun upgrade" has broken through, and the plate rotation has finally reached Layer 2

*Original | Odaily

Author | Azuma

According to OKX market data, since the evening of December 7, ETH and Layer 2 tokens have ushered in a general rise.

As of this writing, ETH itself is tentatively trading at 2,371 USDT, up 5.5% in 24 hours; OP tentatively traded at $2.17, up 25.4% in 24 hours; ARB is now trading at $1.18, up 10.9% in 24 hours; IMX is now trading at $1.53, up 9.3% in 24 hours; SKALE is now trading at $0.045, up 11.7% in 24 hours.

Looking around the market dynamics, the most direct news came from the 176th ETH Workshop Core Developer Executive Meeting (ACDE) held yesterday. According to ETH core developer timbeiko.eth, yesterday’s ACDE session focused on the status of the Dencun upgrade, the timeline for the testnet, and how to plan the network upgrade.

The so-called Dencun upgrade is actually a collective term for two upgrades, Deneb and Cancun, the former focuses on the consensus layer and the latter focuses on the execution layer. Among them, Cancun is the long-awaited “Cancun upgrade” of the Layer 2 community.

Odaily has reported on the specific effects of the Cancun upgrade and its impact on Layer 2 in the past, and in simple terms, the upgrade is expected to significantly improve the data availability of the ETH, greatly improve the performance of the Layer 2 network, and reduce transaction costs.

• Further reading: “Cancun Upgrade: Another Milestone After Shanghai” and “Cancun Upgrade Will Be a Turning Point for ETH L2”.

Previously, at the 123rd ETH Square Core Developer Consensus Meeting (ACDC) on December 1st, developers revealed that ETH Fang Devnet #12 had activated the Dencun upgrade on November 30th, and several client software such as Teku, Lodestar, and Lighthouse were the first to enter Devnet #12 for testing.

According to timbeiko.eth’s summary of yesterday’s ACDE, almost all clients except the Prysm Ethereum Client have been tested on Devnet #12, and several clients, including Reth and Lighthouse, have found and fixed some bugs. The Prysm Ethereum Client development team is currently working on blob caching and validation, and is expected to join Devnet #12 in the next week or two.

The most important thing about yesterday’s meeting was that the developers said they were ready for a testnet fork upgrade and planned a large Goerli shadow fork in the coming weeks. If all goes well, the developers expect to set a fork date for the Goerli testnet in early 2024 and plan to activate the Dencun upgrade on the network in January.

Goerli is currently the second largest testnet in terms of the number of nodes after Mainnet, so activating Dencun on the network also means that the long-awaited Cancun upgrade for Layer 2 is a qualitative breakthrough, and it is getting closer and closer to the official mainnet.

From the perspective of the secondary market, the long-dormant Layer 2 sector has set off some ripples with this dynamic, will this drive the collective explosion of the sector? The answer will be given in 2024.