Ethereum
Ethereum delays its Cancun upgrade – What about ETH?
The Cancun upgrade on Ethereum faces delay due to technical hurdles. Remarkably, ETH’s price demonstrated stability.
- Ethereum developers has postponed the Cancun upgrade.
- ETH’s price remain unaffected and continued to grow.
As Ethereum’s [ETH] price surged, the interest in the network grew. However, this improved sentiment could soon be derailed by new development updates on Ethereum.
A slight delay
They recently decided to delay the deployment of the Cancun upgrade.
This was done when Ethereum developers recently met for their 176th gathering, discussing upgrades to make Ethereum better. They’re currently testing the Cancun/Deneb upgrade, aiming to make Ethereum more efficient and secure.
After the holidays, in mid-January, they plan to activate it on the Goerli test network.
gm, eth devs decided yesterday to push cancun/deneb activation on the goerli testnet to jan.
why this matters: assuming public testnet forks are spaced at least 2 weeks apart, there's a high chance now that mainnet activation of cancun likely won't happen until march and some…
— Christine Kim (@christine_dkim) December 8, 2023
Tests begin
Right now, the Ethereum team is actively testing the upgrade on Devnet #12, a kind of playground.
They’re also working on testing a mechanism called MEV (Maximal Extractable Value), making sure validators are fairly compensated.
In this upgrade, the team is introducing something called the builder override flag. It’s like a tool that helps signal if something’s wrong and validators need to switch to a safer way of making blocks.
It’s a way to make the network safer and more efficient. Now, they’re also thinking about the next upgrade called Prague/Electra.
How will ETH be affected?
The upgrades in the Cancun/Deneb and Prague/Electra, by improving the Ethereum network, could influence ETH’s price movement.
Positive developments and enhanced functionality often attract more users and investors, potentially driving demand for ETH.
Read Ethereum’s [ETH] Price Prediction 2023-24
As the network becomes more efficient and user-friendly, it may positively impact market sentiment, contributing to a bullish trend in ETH’s price.
At press time, ETH was trading at $2,361.38 and its price had gone up by 0.41% in the last 24 hours.
Source: Santiment
