The Dencun upgrade slashes fees on layer-2 solutions, paving the way for cheaper DeFi and NFTs while laying the groundwork for Ethereum’s future scalability.
Dencun, an amalgamation of two separate upgrades — Deneb and Cancun — tackles both Ethereum’s consensus and execution layers in a single upgrade.
Technically a hard fork in blockchain terminology, the upgrade rolled out at Ethereum epoch 269,568 at 1:55 pm UTC and finalized at 2:10 pm. The upgrade is set to significantly slash the transaction fees of layer-2 solutions and boost the scalability of Ethereum.
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Source: https://cointelegraph.com/explained/what-is-the-ethereum-dencun-upgrade-and-why-is-it-important