- The long-awaited Ethereum Dencun update was successfully integrated into the Ethereum mainnet on Wednesday, March 13.
- Following the recent Dencun update and the integration of EIP-4844, significant reductions in transaction fees are being observed across various Layer 2 (L2) networks.
- In his recent statement, independent Ethereum educator Anthony Sassano emphasizes the importance of blobs being introduced into the Ethereum ecosystem.
Following the Ethereum Dencun update, there has been a significant decrease in transaction fees across Layer 2 platforms!
Successful Implementation of the Ethereum Dencun Update
The long-awaited Ethereum Dencun update was successfully integrated into the Ethereum mainnet on Wednesday, March 13. Nearly 24 hours after going live, significant reductions in gas fees started to occur on Ethereum-based Layer 2 platforms.
Following the recent Dencun update and the integration of EIP-4844, significant reductions in transaction fees are being observed across various Layer 2 (L2) networks. Between 9:00 and 10:00 UTC+8, substantial decreases in both average and median transaction fees were observed across multiple platforms.
Optimism reports an average transaction fee of $0.05 and a median fee of $0.0038. The Base network reports an average transaction fee of $0.064 and a median fee of $0.0008. The Arbitrum network specifies an average transaction fee of $0.5, with a median fee of $0.3553. Meanwhile, zkSync Era indicates an average transaction fee of $0.161 and a median fee of $0.0936.
The Dencun update particularly affects the cost associated with the usage of zkSync Era’s sequencer in Calldata. The cost, previously priced at 0.11 ETH, has now dropped to 0.013 ETH, representing approximately an 88% decrease according to Dune Analytics data.
Jesse Pollak, Coinbase’s Head of Development, took to Twitter to announce significant fee reductions on the Coinbase L2 network, Base. The transaction fee, previously priced at $0.31, has significantly dropped to $0.0005 following extensive updates and protocol implementations, reflecting the overall trend of cost reduction on L2 networks after recent updates and protocol implementations.
A Significant Transformation for the Ethereum Ecosystem
In his recent statement, independent Ethereum educator Anthony Sassano emphasizes the importance of blobs being introduced into the Ethereum ecosystem. Sassano suggests that the introduction of blobs to the Ethereum network has come at just the right time to revitalize the Ethereum network, indicating a moment when the Ethereum network requires a push.
This contribution, which Sassano describes as “stimulating,” is planned to coincide with a period when millions of new users are expected to come to the blockchain. This will enable users to interact with Ethereum without encountering exorbitant transaction fees.
While transaction fees are currently low on blob-enabled Layer 2 (L2) solutions, Sassano expects a gradual increase in transaction fees over time as demand for blobs increases. However, Sassano emphasizes that such behavior should be expected, noting that the implementation of EIP-4844 only marks the beginning stage.
Sassano highlights that blobs are a dynamic and evolving primitive component in the Ethereum ecosystem, forming part of a broader scalability roadmap. Sassano states that Ethereum developers are preparing for the next update, Pectra.
