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

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