Scroll Crypto Slashes Fees by 75%: Will it Lure in New Users?

Crypto News- In a strategic move, Scroll, an Ethereum layer 2 network, implemented a crucial update on Monday, ushering in the era of “blobs” – a pivotal feature introduced by the recent Ethereum Dencun upgrade. This upgrade resulted in a remarkable 75% reduction in transaction fees across the Scroll blockchain.

Scroll Crypto Slashes Fees by 75%: Will it Lure in New Users?

Before the upgrade, users grappled with a median transaction fee of approximately $0.62. However, with the recent changes, this figure has plummeted to a mere $0.15. The allure of reduced fees, akin to other layer 2 blockchains, promises to catalyze increased activity within the Scroll ecosystem.

To further incentivize user participation, Scroll unveiled its innovative points program, christened “Session Zero.” Under this initiative, users are rewarded with Scroll Marks for engaging in various activities such as bridging Ether or wstETH via Scroll’s native bridge, or bridging STONE using LayerZero. Additionally, holding these assets on the Scroll platform garners users additional Marks.

Session Zero Sparks a Surge: Scroll Blockchain Sees $36 Million Asset Growth

While the conversion of Marks into tokens remains unconfirmed by the Scroll team, the impact of Session Zero has been palpable. Since its launch on April 17, the total value of crypto assets on the Scroll blockchain has surged by an impressive $36 million, reaching a record high of $195 million. Moreover, stablecoin deposits have witnessed an 8% increase, equivalent to around $3 million.

Despite these encouraging figures, certain metrics such as active addresses and transaction counts have experienced a decline. Active addresses have dipped by approximately 4%, while daily transactions have seen a decline of roughly 10%. This downtrend in user engagement may be attributed to the previously exorbitant transaction fees.

However, with the significant reduction in transaction fees, a shift in this trend is anticipated. Nonetheless, it’s worth noting that despite the fee reduction, Scroll still retains its position as the second-most expensive layer 2 network in terms of median transaction fees.

Yet, it’s still early days, and further fee reductions may be on the horizon as the network continues to evolve.

Revolutionizing Layer 2: How EIP-4844 Transformed Ethereum Transactions

The Dencun upgrade, comprising nine Ethereum Improvement Proposals (EIPs), notably EIP-4844, has played a pivotal role in revolutionizing layer 2 network transactions. EIP-4844 introduced blobs, a novel transaction format segregating layer 2 network transactions from standard Ethereum mainnet activity, thereby alleviating congestion and reducing transaction fees.

Scroll’s integration of blobs marks a significant milestone, making it one of the last major Ethereum layer 2 blockchains to implement this feature post the Dencun upgrade, which went live on March 13.

Unlocking Efficiency: The Bernouli Upgrade Enhances Scroll’s Blockchain Security

The much-anticipated Bernoulli upgrade, eagerly awaited by Scroll, heralded a significant advancement in the realm of decentralized applications (dapps) on the blockchain. This pivotal upgrade introduced not just one, but two groundbreaking features that promised to revolutionize security and efficiency within the ecosystem.

Firstly, the introduction of “blobs” marked a fundamental shift in data handling within the blockchain. These blobs, essentially bundles of data, provided a streamlined method for storing and accessing information within dapps. By consolidating data into these cohesive units, the Bernoulli upgrade aimed to optimize the performance of decentralized applications, enabling them to handle complex operations with greater ease and efficiency.

Secondly, the integration of SHA2-256 encryption algorithm represented a significant bolstering of security measures within the Scroll blockchain. Known for its robustness and reliability, SHA2-256 offered a formidable defense against malicious attacks and unauthorized access. By implementing this advanced encryption standard, the Bernoulli upgrade instilled a newfound sense of confidence among developers and users alike, ensuring the integrity and privacy of sensitive data within the ecosystem.

Together, these two pivotal features embodied the spirit of innovation driving the evolution of decentralized technologies. With blobs facilitating seamless data management and SHA2-256 fortifying security protocols, the Bernoulli upgrade laid the foundation for a new era of decentralized applications, poised to redefine the landscape of blockchain technology.