The highly anticipated Dencun upgrade on Ethereum was successfully launched on the Ethereum mainnet on Wednesday, March 13. Less than 24 hours after the stimulus, Ethereum-based Layer 2 platforms began to see a significant drop in gas prices.
L2 network transaction fees drop after Dencun upgrade: Optimism, Arbitrum and zkSync affected
cryptokoin.com As we reported, the Dencun upgrade went live yesterday. Additionally, with the integration of EIP-4844, there have been significant reductions in transaction fees on various Layer 2 (L2) networks. Significant decreases in average and median transaction fees were observed across multiple platforms in the hour between 9:00-10:00 UTC+8.
Optimism recorded an average transaction fee of $0.05 and a median fee of $0.0038. The Base network reported an average transaction fee of $0.064 and a median fee of $0.0008. The average transaction fee of the Arbitrum network was $0.5, and the median fee was $0.3553. zkSync Era, on the other hand, exhibited an average transaction fee of $0.161 and a median fee of $0.0936.
Big decrease in costs
The Dencun upgrade significantly impacted the cost associated with using zkSync Era’s sequencer, especially when using Calldata. According to data from Dune Analytics, the cost, previously priced at 0.11 ETH, dropped to 0.013 ETH, a decrease of approximately 88%.
Coinbase’s Head of Development Jesse Pollak announced significant fee reductions within the Coinbase L2 Network Base on Twitter. The transaction fee, which used to be $0.31, has fallen dramatically to $0.0005, reflecting the general trend of cost reduction in L2 networks following recent upgrades and protocol implementations.
A new era has begun for the Ethereum ecosystem
In a recent statement, independent Ethereum educator Anthony Sassano emphasized the importance of bringing blobs to the Ethereum ecosystem. Sassano suggested that the blops were deployed at almost the most opportune moment, acting as a catalyst to revitalize the Ethereum network just when it needed a boost. This addition, which Sassano calls an “incentive,” will coincide with the upcoming influx of millions of new users to the blockchain.
This will offer users the opportunity to interact with Ethereum without facing exorbitant transaction fees. While gas prices on Layer 2 (L2) solutions that support blob are currently low after the Dencun upgrade, Sassano states that he expects a gradual increase in fees as demand for blob increases over time. However, Sassano emphasizes that such behavior is expected and that the implementation of EIP-4844 only marks the first stage.
Sassano suggests that blobs are represented as a dynamic and evolving primitive in the Ethereum ecosystem, an integral part of the broader scalability roadmap known as danksharding. Sassano said ETH developers will be preparing for the next upgrade, Pectra.
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