Today, as blockchain technology continues to develop, Flow, as a high-profile blockchain platform, has recently undergone important upgrades, marking the arrival of a new era. On September 4, 2024, the Flow mainnet successfully deployed the Crescendo upgrade. This upgrade is not only a technical improvement, but also has a profound impact on the future blockchain ecosystem.
Full EVM equivalence
One of the most notable achievements of the Crescendo upgrade is the achievement of full equivalence with the Ethereum Virtual Machine (EVM). This means that any smart contract or protocol running on the Ethereum mainnet or its second-layer solutions can be seamlessly deployed on Flow. This feature greatly increases developer flexibility and eliminates compromises between user experience and access to the Ethereum ecosystem.
With this upgrade, developers of Web3 products can easily deploy on Flow and take advantage of Flow's native features while ensuring compatibility with Ethereum. Since the launch of Crescendo, more than 1,000 new EVM contracts have been successfully deployed on Flow, a number that undoubtedly shows developers’ recognition and expectations for this new feature.
Improved transaction speed and efficiency
Another significant improvement brought by the Crescendo upgrade is increased transaction processing speed. Before the upgrade, it took about 7 seconds from posting a transaction to seeing the results, but after the upgrade, this time was reduced to just 4 seconds, an improvement of up to 40%. Part of the reason for this change is the update of the underlying elliptic curve mathematics library, which not only optimizes the construction process, but also directly affects the efficiency of transaction processing.
At the same time, the Crescendo upgrade also achieved a 100% transaction success rate and a 38% reduction in memory usage for managing blockchain state. These efficiency improvements enable Flow to store approximately 50% more data under the same hardware conditions, reducing node operating costs and opening up new possibilities for smart contract data storage.
Cadence 1.0: The future of smart contracts
With the launch of Crescendo, Flow’s native smart contract language Cadence has also reached version 1.0. This milestone release not only reflects years of developer feedback, but also introduces the important feature of forward compatibility. With this feature, any Cadence code deployed today will run seamlessly on future Flow web versions without the need for manual updates.
Since the upgrade, the total number of Flow contracts has increased by 18%. This growth not only proves the usefulness of the Cadence language, but also further promotes the development of the Flow ecosystem.
The power and impact of community
The Crescendo upgrade coincides with the launch of the Flow Community Rewards program. The program aims to encourage users to explore the various applications in the Flow ecosystem by locking in on-chain rewards and real-world prizes. Since the program’s launch, nearly $24 million in funding flows have been locked, with approximately $735 million in FLOW injected into the broader ecosystem.
This community incentive mechanism not only increases user participation, but also injects new vitality into Flow's future development. The power of the community not only promotes technological progress, but also provides developers with more opportunities and support.
Looking ahead: A new chapter for Flow
The Crescendo upgrade opens a new era for Flow, with faster speeds, greater efficiency, and greater interoperability. These improvements make Flow the leading blockchain platform, especially suitable for developers looking to build innovative, consumer-grade Web3 experiences.
For developers who want to take advantage of these new features, the Flow team encourages everyone to explore the updated documentation and actively participate in community discussions and building. The future of Web3 is being built on Flow, and we're just getting started.
Conclusion
Flow’s Crescendo upgrade is not only a technological leap, but also has a profound impact on the entire blockchain ecosystem. With the realization of EVM equivalence, increased transaction speed, and the evolution of the Cadence language, Flow is creating a more open and efficient future for developers and users. Whether you are a technology enthusiast or a general user, you can look forward to seeing more innovative applications and services on this new platform.