What Is the Cancun-Deneb Ethereum Upgrade & When Does It Go Live?

What Is the Cancun-Deneb Ethereum Upgrade?

The Cancun-Deneb (Dencun) Ethereum upgrade is scheduled for 2024 and will be fundamental in Ethereum’s modernization, bringing increased scalability. 

This will meet the Ethereum Improvement Proposals (EIPs) through Proto Danksharding which is expected to increase Ethereum (ETH) throughput and reduce transaction fees.

The Cancun upgrade will encompass four other (EIPs) and is called layer-1 and is followed by layer-2, when Deneb compliments Cancun by building layer-2.

The process incorporates large packets or blobs of Dencun, which will reinforce the Ethereum infrastructure while streamlining transactions to support a wider range of decentralized applications. This will be a huge push forward for Ethereum, which has fallen in an industry that never stops developing.

In summary, the Cancun-Deneb update will grow the speed of Ethereum transactions (TPS) something they have been struggling with, that will increase traffic while preserving the decentralized ethos of cryptocurrency.

Will There Be Profit to Be Made?

Undoubtedly, if you buy and sell Ethereum at the correct times in the foreseeable future, there will be more profits to be made on the Ethereum Network.

Long-Term Ethereum Holders Should Be Rewarded

Therefore, many sharp and shrewd brains within the industry believe that 2024 is the year Ethereum reclaims its place at the top table. Some are even predicting another “bull market”, which would mean original holders of Ethereum (ETH) will see their investments climb.

Be Careful Buying Ethereum at Prices Currently Over $2,000

Anyone stepping into the market currently will not be guaranteed such returns with its current price trading over $2,000. Those new investors would have to invest bigger sums, and possibly trade shrewdly, so it will be best to wait until they can trade the layer-2 assets of Ethereum 2.

How to Make Profit from The Layer-2 Assets the Upgrading Allows

What Are Ethereum Layer-2 Assets?

Layer-2 assets of Ethereum is an umbrella term that describes solutions built upon layer-1 that improve the scalability together during the upgrade, as explained earlier.

Pay Attention to New Listings

New listings make money in new markets such as

• Blast
• Celestia
• Linea
• Manta
• Scroll Starknet
• zkSync

Trade these and others in their early days for profitable returns.

Airdrops

Listen out for airdrops as they take your ETH and stake it! zkSync is a perfect example of a platform that scales Ethereum without downgrading security for your wallets.

When Does the Ethereum Upgrade Go Live?

The launch of the Ethereum Cancun-Deneb Upgrade is expected to go live in early 2024. Recent months have seen Ethereum (ETH) rigorously testing all the different scenarios in their meticulous preparations for a smooth seamless launch.

Tim Beiko, a notable developer in the Ethereum community, explains in a tweet:

@abcoathup front-ran me posting the TL;DR here 😄https://t.co/DaKDNdlgoR

— timbeiko.eth (@TimBeiko) November 23, 2023

Upgrade Starts On

Beiko also revealed that the Ethereum (ETH) Upgrade will launch first on the 17th of January 2024 on the Goerli testnet, followed by Sepolia Network on the 30th of January, then a week later on February 7th using the Holesky Network:

So, if no major issues arise, we’re looking at the following schedule:

– Goerli: Jan 17, 6:32:00 UTC
– Sepolia: Jan 30, 22:51:12 UTC
– Holesky: Feb 7, 11:34:24 UTC

… and then, mainnet 🫡 pic.twitter.com/JFRt0ZHAi8

— timbeiko.eth (@TimBeiko) December 21, 2023

Conclusion

At Bookmakers Review, we believe that despite Ethereum (ETH) being the forgotten cryptocurrency in recent years – which was due to their inferior infrastructure – this imminent Cancun-Deneb Upgrade changes things around Ethereum significantly, meaning the future is looking a whole lot brighter for the coin and all its investors and long-term owners.

There has already been a small surge in the recent value of Ethereum, which is an anticipation from buyers that the upgrade is going to create plenty of profit around the currency.

Two major reasons for that are that:

• Firstly, long-term holders of Ethereum will have their stock value increase.
• Secondly, we pinpointed two areas (new listings and airdrops) where investors and traders will concentrate on in the coming months to profit from.

Remember, always invest responsibly in cryptocurrency with expendable income and show due diligence and research the industry.