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Dencun Successfully Activates On Sepolia

The upgrade went smoothly with an improved participation rate. The testnet proceeded to finalize within minutes after the activation.

ETH Daily

• 3 min read
Dencun Successfully Activates On Sepolia

Quick Take

  • Dencun activates on Sepolia.
  • Wevm enables drips for Wagmi.
  • The Protocol Guild Pledge.
  • Synthetix implements SIP-237.
Mint NFT

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Dencun Successfully Activates On Sepolia

Ethereum’s Dencun upgrade has successfully activated on the Sepolia testnet at epoch 132608. Dencun consists of the Cancun upgrade on the execution layer and the Deneb upgrade on the consensus layer. The upgrade activates blob transactions, transient storage, and a new BLOBBASEFEE opcode, among other updates. Unlike the upgrade on Goerli, Sepolia experienced an improved participation and block proposal rate. The chain proceeded to finalize within minutes. Sepolia marks the second of three testnets to activate Dencun. Holešky is the third and final testnet to scheduled to undergo the upgrade on February 7th.

The Protocol Guild Pledge

Ethereum core developer Tim Beiko introduced the Protocol Guild Pledge, an initative that aims to sustainably fund Ethereum L1 R&D by advocating for projects with native tokens to donate 1% of their supply to Protocol Guild. The initiative comes after liquid staking protocol EtherFi committed 1% of its token supply to the organization. Protocol Guild is a collective of 163 current members that contribute to Ethereum protocol development. The registry of members is fully onchain and donations are paid out based on contributions and time contributing. The pledge aims to address the opportunity cost of working on Ethereum L1 by providing core devs the potential upside of a token allocation from early Ethereum projects.

Wevm Enables Drips For Wagmi

Wevm, the team behind the wagmi.sh and viem.sh, enabled the Drips funding distribution tool for dependencies on its wagmi software library. Wevm is allocating 40% of its earnings to seven distinct Github software repositories that Wagmi relies on. Wagmi is a software library for front-end development. When contributions are made to Wagmi through the Drips platform, a predetermined percentage is streamed to the maintainers of the third-party public Github repositories. The funds are streamed even if the repository owners do not have a designated Ethereum wallet, ensuring they can claim their share of the funds at a later time.

Synthetix Supports Staked SNX Migration

Derivatives liquidity protocol Synthetix implemented SIP-237, an upgrade that supports the migration of staked SNX and its corresponding sUSD debt directly from Ethereum Mainnet to OP Mainnet. The new feature allows users to migrating without needing to repay and burn their sUSD debt on Ethereum Mainnet. The upgrade aims to streamline the transition of liquidity to OP Mainnet in preparation for the upcoming Synthetix V3 launch, which will be initially exclusive to OP Mainnet. Post-migration, users will continue to receive the usual weekly rewards. The migration is a one-way process without the option to migrate back to Ethereum.

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