Crypto News- In a long-awaited move, the Dencun upgrade on Ethereum has finally delivered on its promise of slashing transaction fees across Layer 2 chains.
Implementing the innovative ‘blobs’ feature, major Layer 2 networks have witnessed a remarkable reduction in average transaction fees.
Ethereum Layer 2 Platforms Experience Substantial Fee Decrease Post-Dencun Integration
For those unfamiliar with the technical jargon, blobs essentially revolutionize how information is processed on Ethereum’s Layer 2s. By introducing this new transaction type, chains can bypass the conventional ‘calldata’ method, paving a direct path to cost savings.
Data from prominent Layer 2 ecosystems like Optimism (comprising OP Mainnet, Base, and Zora), zkSync, and Starknet all point to substantial fee decreases.
Take Base, for instance, where median gas fees plummeted from around $0.5 pre-Dencun to a mere $0.0012 post-upgrade, as per Marcov’s comprehensive on-chain analysis on Dune. Similarly, OP Mainnet, part of the Optimism ecosystem, witnessed significant fee reductions. Starknet also saw a notable drop in fees, with leading wallet provider Argent reporting a considerable decrease in swap fees.
However, it’s worth noting that Arbitrum One, the most widely used Layer 2 solution, is yet to embrace Dencun’s enhancements. Nevertheless, it’s set to unveil its ArbOS upgrade today, bringing blob support to Arbitrum rollup chains.
With over 3000 blobs already in use, there’s anticipation that Layer 2 networks adopting this technology might face increased fees down the line. As competition for blob space heats up, transaction costs could see a slight uptick. Nonetheless, the overall impact of Dencun on Ethereum’s scalability and affordability is undeniable, marking a significant milestone in the evolution of Layer 2 solutions.
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