Gnosis Chain Rolled Out a Dencun Update. ETH and GNO Reacted With Growth

03/12/2024

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Gnosis Chain developers rolled out a Dencun update version on the network, enabling blob transactions. ETH and GNO reacted with growth.

The developers of the Gnosis protocol have announced the launch of the Dencun update to their network, sparking increased interest in L2 tokens. Gnosis Chain operates as a sidechain alongside Ethereum and is controlled by GnosisDAO. It hosts dApps such as Balancer, Spark, Aave, Aura and more.

The Dencun upgrade has been activated on the @gnosischain mainnet!

🐡🦉🐡

Next ➡️ Ethereum Mainnet pic.twitter.com/S6GKhfe3TX
— Gnosis Chain 🦉 (@gnosischain) March 11, 2024

The protocol developers have deployed blockchain transactions (also known as EIP-4844 or protodanksharding). These will appear with the Dencun update on the Ethereum mainnet as early as tomorrow, March 13. This update is expected to dramatically reduce Ethereum and L2 fees by at least tenfold, greatly improving the scaling of the mainnet.

Traders are already targeting L2 tokens such as Arbitrum (ARB), Optimism (OP), Lido DAO (LDO) and Metis (METIS) in anticipation of potential gains. Meanwhile, the launch of an update to Gnosis triggered a rise in ETH and GNO.

This is the biggest reduction of L2 gas fees we've ever seen.

This is beneficial for the entire ETH/L2 ecosystem, as it makes these chains much more commercially viable for dApp builders and users alike.
— Miles Deutscher (@milesdeutscher) February 21, 2024

The second most capitalized cryptocurrency has responded with a significant rise, breaking the $4,000 mark, potentially opening a window for a major bullish rally. The nearest resistance levels are at $4,065, $4,185 and $4,220. The launch of the Dencun update on the mainnet on March 13 is expected to kick-start a decent upside.

Meanwhile, the native Gnosis protocol token, GNO, also rose 4.5% after the update launch.

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