Ethereum Developers Announce Fulu-Osaka Upgrade
Ethereum developers have unveiled the name of the next significant upgrade on the network: Fulu-Osaka. The announcement was made during the 140th All Core Developers Consensus Call (ACDC), where the developers discussed the upcoming changes.
The Naming of Fulu-Osaka
Following the long-awaited Pectra upgrade, Ethereum developers have chosen “Fulu-Osaka” as the name for the next upgrade. The decision was made during a Zoom call held for the 140th ACDC. Ethereum Foundation researcher Alex Stokes chaired the meeting, where the name for the upgrade on Ethereum’s consensus layer was finalized.
Christine Kim, Vice President and researcher at Galaxy, broke the news on X, summarizing the key points of the conference. According to Kim, the upgrade was named “Fulu” after a star in the Cassiopeia constellation, with the name shortened to “Fusaka” for the Fulu-Osaka upgrade. In addition to the naming, developers also discussed:
- Advancement of proposals such as EIP 7742
- Technical issues affecting the Pectra development network
Tradition in Ethereum Upgrade Names
Ethereum has a tradition of naming consensus layer upgrades after major stars, with Fulu-Osaka following suit. On the other hand, major upgrades on the execution layer are typically named after cities.
Progress on PeerDAS and Pectra EIPs
The meeting also reviewed the progress of PeerDAS and Pectra Ethereum Improvement Proposals (EIPs). During the Zoom call, EF Developer Operations Engineer Parithosh Jayanthi highlighted an issue where the Geth client allegedly produced invalid blocks. Alex Stokes confirmed that Pectra Devnet 3 would be live within a week and urged the client team to thoroughly review an update consideration on EIP 7251 to address an edge case scenario.
The Dencun Upgrade and Its Impact
In mid-March, Ethereum implemented a series of nine improvement proposals, collectively known as the Dencun upgrade. This upgrade aimed to enhance network scalability, increase efficiency, and reduce transaction fees on Layer 2 networks.
Galaxy researcher Zack Pokorny published a report titled “150 Days After Dencun,” which examined the network’s progress post-upgrade. The report highlighted a significant increase in failed transactions and bot activity on Layer 2 scaling solutions like Arbitrum.
Further Developments in the Ethereum Ecosystem
The Ethereum ecosystem continues to evolve with new developments. Sony recently confirmed that it is building a new blockchain called Soneium on the Ethereum platform. The company issued a press release on August 23rd, outlining its plans for Soneium.
Soneium will support decentralized activities such as Web3 games and NFT marketplaces through applications linked to its network. Additionally, it will provide a conducive environment for developers and creators by offering easy-to-use, cost-effective tools. Sony has announced that Soneium will launch on Testnet soon.
Spot Ethereum ETFs and Market Growth
In July, the U.S. Securities and Exchange Commission (SEC) approved spot Ethereum ETFs, leading to significant inflows. Collectively, ETH ETFs now command 2.31% of Ethereum’s market cap, with $7.65 billion in assets under custody.
BlackRock, the world’s largest asset management firm, crossed the $1 billion mark on August 20th and has not witnessed any outflows since its ETF was approved by the SEC.
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