Summary
TLDR: Gnosis Chain is a proof-of-stake blockchain that is fully compatible with Ethereum. It activated the Dencun hard fork to scale Ethereum through layer-2 networks. The upgrade introduces blobs to decrease transaction costs on rollups. Gas costs on Gnosis Chain are low. Applications like Gnosis Pay will migrate to layer-2s for regulatory compliance. The goal is to focus on productive uses and make the transition seamless for non-technical users.
Key Points
1. Gnosis Chain, originally known as xDai Chain, is a proof-of-stake blockchain designed to maintain full Ethereum compatibility, including the ability to directly implement all hard-forks.
2. At approximately 2:30 pm ET, Gnosis activated the Dencun hard fork, which is set to go live on Ethereum in less than two days. That is made possible as Gnosis’ design mirrors that of Ethereum, with a “Beacon” chain and an execution layer.
3. Gnosis can be thought of as kind of like a research network to test things in the real world, according to infrastructure director Phillippe Schommers.