On February 7, 2024, the Ethereum core developers successfully implemented the Dencun upgrade on the Holesky testnet at approximately 6:35 am ET. Nethermind, an Ethereum execution client, confirmed the deployment on their nodes.

This marks a significant milestone for Ethereum as it moves closer to proto-danksharding (EIP-4844), which aims to improve network scalability and reduce transaction costs for ETH dApps. The upgrade was previously deployed on the Goerli and Sepolia testnets on January 17 and January 30, 2024, respectively. The mainnet activation date for Dencun will be announced after a core devs call later today.

Following the successful upgrade, the price of ETH saw a slight increase, trading near $2,370 at the time of writing. Analysts are optimistic about the future of Ethereum, with some predicting a rally to $4,000 in May, driven by potential approval of a spot Ethereum ETF.

The Holesky testnet is the final step before the mainnet deployment, and the successful implementation of Dencun brings Ethereum one step closer to achieving its scaling goals. With the activation of EIP-4844, the network is expected to see improvements on the execution and consensus layers, which could potentially boost the network and Layer 2 Rollup chains.

The Ethereum community is eagerly awaiting the mainnet activation of Dencun and the potential benefits it could bring to the network. In the meantime, the successful deployment on the Holesky testnet is a promising sign for the future of Ethereum.