When will the Cancun upgrade plan be completed? Ethereum Cancun Upgrade Exact Timeline

The Cancun upgrade is an additional upgrade to the ETH blockchain after Shanghai. With EIP-4844 and possible EIP-6969, it mainly promotes Ethereum L2 to achieve the goals of cost reduction and speed improvement. By then, the speed of Ethereum Layer 2 will be increased by 10x, and may even be increased by 100 times at a lower cost. When will this kind of Cancun upgrade be ready? Officially, it will be carried out later this year. Many investors are paying attention to when will the Cancun upgrade hype be launched? According to the published information, it should be in the second half of 2023. Next, the editor will tell you in detail.

When will the Cancun upgrade be ready?

According to a CoinDesk report, Ethereum developers are planning an upgrade later this year that includes five Ethereum Improvement Proposals (EIPs). Among them, EIP-4844 is considered the core of this upgrade, which will expand the blockchain by providing more storage space for "blobs", thereby reducing the gas cost of L2rollup. In addition, there are four proposals, namely EIP-1153 and EIP-4788, which have no specific upgrade dates yet, but are expected to be carried out by the end of 2023. These upgrade plans are designed to improve the performance and scalability of Ethereum and provide users with a better experience.

The Cancun upgrade is another upgrade of the Ethereum main chain after the Ethereum Shanghai upgrade. It aims to expand the capacity of the Ethereum network, strengthen scalability, security and availability, improve the TPS of the main chain and reduce Gas fee. This upgrade will also promote the development of the L2 ecosystem.

The focus of the Cancun upgrade is the EIP-4844 protocol. At present, there are two main directions for the expansion of Ethereum. One is Layer 2's Rullup, including OptimismRollup and ZKRollup. OptimismRollup is the short-term solution, ZKRollup is the long-term solution. Another direction is Ethereum’s mainnet sharding solution.

The specific time of the Ethereum Cancun upgrade

The specific time of the Cancun upgrade has not yet been determined and is expected to be carried out in the second half of 2023. Meanwhile, BTC’s next halving will take place on May 9, 2024. Normally, the halving is expected to be hyped in advance, which may resonate with the Cancun upgrade time, which may trigger a new round of market reshuffle.

After the Cancun upgrade, Op and Arb have become the trump cards in the public chain market. Arb’s TVL is second only to Tron and BSC, and although Op is not as good as Arb, it has also entered the top 6, ahead of the last round of star public chain projects Avax, FTM and Sol.

After the Cancun upgrade in the second half of the year, ETHL2 will significantly improve its competitive advantage, causing non-ETH public chains to face greater difficulties, and most of them will be eliminated by the market.

Arb and Op dominate the L2 market, but as the Cancun upgrade approaches, the entire Rollup track will usher in good news, and the competition for L2 solutions will become more intense. The emergence of new competitors cannot be ruled out.

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