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Dencun Upgrade Pushed to Goerli Testnet, Core Scientific Approved to Emerge from Chapter 11

Jan 17, 2024
Author
Tom Couture
Tom Couture AC
Market Update U.S. equity indices are declining today after retail sales data spiked (0.6% MoM vs. 0.4% exp.), and the DXY (+0.18%) continues to show strength above $103. The SPY and QQQ have fallen 0.74% and 1.02%, respectively. Crypto markets are performing similarly, with $BTC (-1.86%) trading around $42k and $ETH (-2.30%) holding near $2,500. Render ($RNDR) and Chainlink ($LINK) are two of the top performers today, potentially attributable to protocol-specific catalysts. $RNDR (+7.09%) has previously been linked to Apple, who is launching its VR headset in early February, while $LINK (+3.22%) has announced the integration of Circle’s cross-chain transfer protocol into its own CCIP system, allowing for secure cross-chain transfers of USDC.Early this morning, Ethereum developers deployed the much-awaited Dencun (EIP-4844) upgrade to Goerli testnet. The Dencun upgrade introduces proto-danksharding, a feature that should reduce the cost for rollups to post data to mainnet. As mentioned in our 2024 Outlook, assuming a 90% reduction in cost of revenue, post-4844 network fees on Arbitrum should decrease while gross profits remain roughly the same due to improving margins. The Dencun upgrade was pushed to Goerli around 1:35 AM EST, and after some issues, the chain finalized at ab

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