Base to Support EIP-4844 Post Dencun Upgrade, Anticipates 10x Transaction Fee Reduction
In Brief
Base announced plans to provide support for Dencun, including EIP-4844, once it is finalized, intending to reduce fees on the network.
Ethereum Layer 2 scaling solution, Base announced plans to provide support for the forthcoming Dencun upgrade once it is finalized, including the highly anticipated EIP-4844, intending to reduce fees on the network.
The introduction of Dencun on Ethereum is anticipated to substantially decrease fees for Layer 2 users. According to Base’s projections, this reduction is estimated to be over tenfold, with rollups expected to particularly benefit from this development. “Base will have Day 1 support for the Dencun upgrade, which is expected to drive down fees for users by 10-100x through increased data availability for rollups,” said Base in a written statement.
Furthermore, the upgrade is anticipated to enhance transaction speed and cost-effectiveness, making decentralized applications more accessible in various domains such as on-chain gaming and limit order book exchanges. Similar expectations regarding reduced fees after the Dencun upgrade have been expressed by other Layer 2 projects, including Polygon, zkSync, and Arbitrum.
An incubated project of cryptocurrency exchange Coinbase, Base is designed to expand the on-chain user base with plans to gradually transition toward decentralization. The platform is built on the Bedrock release of the OP Stack, which was developed in collaboration with Optimism.
Dencun Upgrade to Enhance Data Availability and Introduce EIP-4844
Scheduled for March 13, the Dencun upgrade will introduce modifications aimed at improving data availability. This upgrade, integrating the highly awaited proto-danksharding feature via EIP-4844, will introduce technical enhancements such as “blob” transactions and transient storage, among other enhancements.
Blobs, within Layer 1 blocks, serve as an additional feature, enhancing Ethereum’s data availability without causing disruptions to the current infrastructure, leading to more cost-effective transactions across Layer 2 scaling solutions. The presence of an independent fee market for blobs ensures that costs stay low, even during periods of heightened network congestion.
Following the deployment of this upgrade on the mainnet, there is a subsequent plan for the Ecotone OP Stack upgrade. This upgrade aims to expand its advantages to the Optimism Superchain ecosystem, including Base and other participants such as Mode, Zora, Aevo, and Fraxtal.
“We couldn’t be more excited to see this important upgrade come to mainnet and to have worked alongside OP Labs, Ethereum Foundation, and other Ethereum core development teams to bring it to life,” said Base in a written statement. “Base will continue contributing to the next phase of danksharding and optimizing the OP Stack to continue driving down costs,” the project added.
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Alisa is a reporter for the Metaverse Post. She focuses on investments, AI, metaverse, and everything related to Web3. Alisa has a degree in Business of Art and expertise in Art & Tech. She has developed her passion for journalism through writing for VCs, notable crypto projects, and scientific writing. You can contact her at alisa@mpost.io
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Alisa is a reporter for the Metaverse Post. She focuses on investments, AI, metaverse, and everything related to Web3. Alisa has a degree in Business of Art and expertise in Art & Tech. She has developed her passion for journalism through writing for VCs, notable crypto projects, and scientific writing. You can contact her at alisa@mpost.io
