Average transaction fees on Ethereum L2 networks drop following Dencun upgrade

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Dencun, the most recent improve to grace the Ethereum community, might need fulfilled its imaginative and prescient to deal with excessive charges, as information confirms a big drop in common transaction charges throughout Ethereum layer-2 (L2) networks.

Following an prolonged interval of anticipation, the Dencun improve lastly went live on the Ethereum mainnet on March 13, as confirmed by Ethereum Basis Protocol Help Tim Beiko.

In accordance with information offered by Dune, L2 protocols using blob transactions have skilled a big lower in transaction charges, with platforms resembling Base, Optimism, and Arbitrum seeing a number of the largest drops shortly after Dencun went dwell.

Average transaction fees on Ethereum L2 networks drop following Dencun upgrade - 1
Layer-2 common transaction charges – March 14 | Supply: Dune

As of March 11, Optimism had a median transaction price of $1.587, whereas Base recorded a determine of $1.927, information from Dune confirms. Nonetheless, these values have dropped considerably, with Optimism and Base each recording a median transaction price of $0.035 on the reporting time. 

This variation represents a large 97.7% drop in Optimism’s charges and a 98.8% decline within the worth witnessed with Base. Zora additionally recorded a powerful droop, as charges collapsed 99% from $1.423 on March 11 to $0.003 on the time of writing, per information from Dune. 

Starknet noticed comparable drops, with the common price for in-app swaps on Argent X, a Starknet pockets, slumping from $6.82 a number of days in the past to $0.04 shortly after Dencun went dwell. It bears mentioning that the Starknet Foundation additionally promised to introduce a mechanism for price discount in parallel with Dencun.

For the uninitiated, the Dencun upgrade seamlessly merges the “Cancun” and “Deneb” updates. It aligns with Ethereum’s roadmap often known as “The Surge,” with a major deal with bolstering the community’s scalability.

The improve introduces a novel idea referred to as “proto-danksharding” (EIP-4844), aiming to fine-tune fuel charges and improve information administration for layer-2 networks and rollups. 

Dencun’s final purpose is to cut back transaction prices whereas boosting throughput throughout the Ethereum ecosystem. Notably, this goal may very well be achieved via a sort of transaction referred to as “shard blob transactions,” launched with EIP-4844. 

The Ethereum ecosystem has witnessed the utilization of over 4,000 blobs to date. Whereas different layer-2 protocols have swiftly carried out these blob transactions, Arbitrum plans to hitch the get together with the upcoming launch of its ArbOS hypervisor. In the meantime, Blast noticed a 1-hour downtime as a result of points associated to Dencun.

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