Starknet, zkSync, and Optimism Witness High Transaction Fee Reductions Post Dencun Upgrade
In Brief
Layer 2 scaling solutions experienced a notable reduction in transaction fees subsequent to the Ethereum Dencun upgrade.
Layer 2 scaling solutions experienced a notable reduction in transaction fees subsequent to the Ethereum (ETH) Dencun upgrade. This enhancement is expected to foster greater transaction volumes, thereby facilitating the advancement of Layer 2 networks.
According to data from OKLink statistics, among zero-knowledge rollups, Starknet‘s average daily transaction fee decreased from $0.98 to $0.5, marking the most significant decline. zkSync Era also experienced a reduction in average daily transaction fees from $0.4 to $0.18.
Among optimistic rollups, Optimism experienced a decrease from $1.01 to $0.04, followed by Base, which witnessed a decline from $0.88 to $0.18. Meanwhile, Arbitrum demonstrated a relatively modest reduction, with average daily transaction fees falling from $0.62 to $0.58.
The significant decrease in transaction costs, coupled with enhanced throughput, is expected to establish a favourable environment for advancing Layer 2 networks and their applications, signalling an upcoming upswing in developments surrounding Layer 2 scaling solutions.
Furthermore, following the upgrade, the cost associated with the zkSync Era sequencer using calldata decreased from 0.11 ETH to 0.013 ETH, marking a notable reduction of roughly 88%.
Dencun Upgrade Introduces ‘Blobs’
The Ethereum Cancun-Deneb Upgrade (Dencun Upgrade) is focused on enhancing the scalability and modularity of Layer 2 networks, increasing security features within the Ethereum network, and improving overall usability.
The update introduces a significant feature known as “blobs,” which are temporary data storage mechanisms designed to efficiently store Layer 2 network information on the main Ethereum blockchain. “Blob” data contributes to a reduction in Layer 2 transaction fees and enhances transaction throughput.
Dencun Upgrade implementation lays the groundwork for future developments in the Ethereum blockchain, including preparations for sharding via EIP-4844, aiming to progress towards a scalable, decentralized, and globally accessible settlement layer.
Following the Dencun upgrade that marked a significant milestone in the journey to enhance the usability of the Ethereum network, the Layer 2 scaling solutions witnessed the first positive effects.
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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
