Will Canny is CoinDesk's finance reporter.
The Ethereum blockchain's Dencun upgrade, scheduled for March 13, is the first step toward enabling its rollup–centric roadmap and will allow the network to function as a proper database for"Ethereum's improvement as a database unveils the opportunity for near-zero transaction fees for users of layer 2's," and this could attract more users, wrote analyst Max Wadington.
The upgrade will provide the scaling needed to support millions of users on layer-2 blockchains, making it a more"fitting distributed database for other blockchains," the report said. The improvements are expected to bring substantially more users into the Ethereum ecosystem and should expand the network's total addressable market .
"In the short term, users who wish to benefit from this fee change must sacrifice some decentralization and security by transacting on layer 2's instead of Ethereum," Wadington wrote."This will certainly spur more users to bridge assets elsewhere." "However, we strongly believe that transacting on Ethereum for application-specific purposes will still be considered the best option in the medium term as layer-2 platforms continue to mature," the report added.in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence.
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