Ethereum Dencun Upgrade Leads to Significant Drop in L2 Network Transaction Fees

ethereum IN TO 2024-03-14 32
The highly anticipated Ethereum Dencun upgrade was successfully deployed on the Ethereum mainnet on March 13th, resulting in a significant drop in gas fees for Ethereum-based Layer 2 platforms within 24 hours. The integration of EIP-4844 has led to notable reductions in transaction fees across various Layer 2 networks, with average and median fees dropping during a specific hour. The introduction of blobs to the Ethereum ecosystem is seen as a catalyst to invigorate the network and coincide with the influx of new users, providing them with an opportunity to engage with Ethereum without encountering high transaction fees. While fees on blob-enabled Layer 2 solutions are currently low, it is expected that they will gradually increase over time as demand for blobs grows.