ETH

Blast L2 Halts Block Production Post Dencun Upgrade

by BSC News

March 13, 2024

chain

The Blast L2 protocol experienced a temporary halt in block production following the deployment of Ethereum's Dencun upgrade, aimed at reducing gas fees on layer-2 solutions.

The Blast L2 protocol has temporarily ceased block production following the implementation of Dencun, the recent Ethereum update.

The most recent communication from the team indicates that operations have been restored to normal, with an ongoing analysis of the situation.

Blast L2: Origins and Recent Developments

Blast was initially designed to be a multisig address for supporters to deposit Ether (ETH) and earn points, but has evolved into an Layer 2 network atop Ethereum.

Blast L2's TVL experienced a significant dip from its peak of $2.3 billion, plummeting below $650 million after withdrawals were enabled earlier this month. Presently, the TVL has rebounded, surpassing $1 billion

Blast co-founder, Roquerre, commonly known as Pacman, spearheaded a funding round last year that amassed over $20 million for the Blast project, with support from Paradigm and Standard Crypto. 

Ethereum's Dencun Upgrade

The much-anticipated Ethereum Dencun upgrade went live today, March 13, marking a crucial development in the network's evolution. Dencun represents one of the most significant hard forks since the Merge and is poised to substantially reduce transaction fees for layer-2 networks while enhancing Ethereum's overall scalability.

At its core, Dencun revolves around EIP 4844, often referred to as “proto-danksharding,” which aims to boost blockchain scalability by expanding the capacity for data "blobs." These modifications are anticipated to decrease costs associated with layer 2 rollups.

Tim Beiko, head of the protocol support team at the Ethereum Foundation, emphasized that Dencun integrates nine Ethereum Improvement Proposals (EIPs), making it the largest single hard fork in terms of deployed improvements.

Layer-2 solutions like Arbitrum, Optimism, and Polygon are expected to reap substantial benefits from Dencun. 

Disclaimer

Disclaimer: The views expressed in this article do not necessarily represent the views of BSCNews. The information provided in this article is for educational and informational purposes only and should not be construed as investment advice. BSCNews assumes no responsibility for any investment decisions made based on the information provided in this article

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