Ethereum’s (ETH) highly anticipated Dencun upgrade has been completed and is now live.
The Dencun upgrade improves the movement of layer-2 data on the Ethereum blockchain and reduces the transaction fees charged, something developers had wanted for many years.
Known as a “hard fork” upgrade, the latest changes to the Ethereum network are among the biggest and most significant in the cryptocurrency’s history.
Analysts say that, going forward, Web3 users should be able to transact on the Ethereum network without worrying about fees as they will now be quite small.
Other crypto observers say the Dencun upgrade enables Ethereum to move closer to building a large scale, fully decentralized network.
Ethereum is widely viewed as one of the leading cryptocurrencies when it comes to facilitating decentralized finance (DeFi), which is the direct movement of funds without the need for an intermediary such as a bank or other lender.
The price of Ethereum has risen 132% over the past 12 months and is currently trading right around $4,000 U.S. per digital token.
