After the Ethereum Dencun Update, Transaction Fees Drop on Layer 2!

  • 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

Ethereum-ETH

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.

Don't forget to enable notifications for our Twitter account and Telegram channel to stay informed about the latest cryptocurrency news.
spot_imgspot_imgspot_imgspot_img

Latest News

Bitcoin Price Surge Predicted: Analyst Sees BTC Hitting $650,000 Fueled by ETFs

Get the latest insights on Bitcoin's potential trajectory – could the dominant cryptocurrency surpass gold's market cap and reach new heights?

Bitcoin Halving to Spark Supply Shock, Says Samson Mow – Omega Time Ahead?

Influential Bitcoin advocate Samson Mow offers a bullish outlook on Bitcoin's future, citing the upcoming halving and growing ETF inflows as key drivers. Here's why he believes the current market turbulence could lead to a surge in BTC price.

Bitcoin Price Plunge Continues: Analysts Predict Further Drops to $59K

Bitcoin's rollercoaster ride continues, with experts weighing in on where the bottom might lie. Get the latest price analysis, predictions, and insights into what these movements could mean for your crypto portfolio.

Bitcoin and Altcoins Face Correction Risk as Rate Cut Expectations Decline

Discover why Bitcoin and other cryptocurrencies may be on shaky ground, as economic indicators point to a potential market correction. Get expert insights on shifting market dynamics and what it could mean for crypto investors.

Bitcoin Price Outlook Dims as Crypto Stocks Slump, Peter Schiff Raises Doubts

Get the latest insights on the bearish trend in crypto markets, Peter Schiff's skepticism, and the impact on Bitcoin's price potential.
spot_imgspot_imgspot_imgspot_img

PRO Analysis

Will WLD See $11 Again? Current WLD Analysis

WLD coin's daily technical analysis provides direction for long-term traders by indicating support and resistance levels.

Where Will NEO’s Rally Continue? Updated NEO Analysis 15 April

NEO gained strength from the support levels determined in the previous analysis and rose to its current price of $22.66, targeting $25.

Is DYDX Ready to Start a New Rally? Latest DYDX Analysis 15 April

Following its recent fall, DYDX rebounded strongly to $2.28, and it is indicated that if it can sustain 3-day candle closes above this resistance level, the upward trend may continue.

Is Solana in a Long-Term Buy Zone? Current SOL Analysis 15 April

Following its recent decline to $118, Solana surged back to $145 with robust purchases; for long-term investors, the $132.40 to $121.36 range is seen as potential buying areas.

Will ARB Start Its Ascent? Latest ARB Analysis 15 April!

According to the analysis of ARB coin, staying above $0.98 could set it on a path to reach $1.90.
Jocelyn Blake
Jocelyn Blakehttps://en.coinotag.com/
Jocelyn Blake is a 29-year-old writer with a particular interest in NFTs (Non-Fungible Tokens). With a love for exploring the latest trends in the cryptocurrency space, Jocelyn provides valuable insights on the world of NFTs.
spot_imgspot_imgspot_imgspot_img

Bitcoin Price Surge Predicted: Analyst Sees BTC Hitting $650,000 Fueled by ETFs

Get the latest insights on Bitcoin's potential trajectory – could the dominant cryptocurrency surpass gold's market cap and reach new heights?

Bitcoin Halving to Spark Supply Shock, Says Samson Mow – Omega Time Ahead?

Influential Bitcoin advocate Samson Mow offers a bullish outlook on Bitcoin's future, citing the upcoming halving and growing ETF inflows as key drivers. Here's why he believes the current market turbulence could lead to a surge in BTC price.

Bitcoin Price Plunge Continues: Analysts Predict Further Drops to $59K

Bitcoin's rollercoaster ride continues, with experts weighing in on where the bottom might lie. Get the latest price analysis, predictions, and insights into what these movements could mean for your crypto portfolio.