In the aftermath of the recent Dencun upgrade and the deployment of EIP-4844, there has been a noticeable decline in transaction fees across various Layer 2 (L2) networks. This development marks a significant step forward in addressing the issue of high transaction costs within the Ethereum ecosystem.
During the last hour (9:00–10:00 UTC+8), several L2 networks witnessed a considerable reduction in transaction fees. Optimism, for instance, reported an average transaction fee of $0.05, with a median fee of $0.0038.
Similarly, Base recorded an average fee of $0.064 and a median fee of $0.0008. Arbitrum and zkSync Era also experienced reductions in fees, with Arbitrum reporting an average fee of $0.5 and zkSync Era registering an average fee of $0.161.
After the Dencun upgrade and the implementation of EIP-4844, the current L2 network transaction fees have dropped significantly. In the past hour (9:00-10:00 UTC+8), Optimism’s average transaction fee was $0.05 and the median fee was $0.0038; Base has an average transaction fee…
— Wu Blockchain (@WuBlockchain) March 14, 2024
One notable example of the fee reduction is seen in the zkSync Era sequencer using Calldata, where the cost dropped from 0.11 ETH to 0.013 ETH, representing a significant decrease of approximately 88%. This reduction in fees has been welcomed by users and developers alike, as it significantly lowers the barrier to entry for utilizing Layer 2 solutions.
Coinbase’s Head of Development, Jesse Pollak, took to Twitter to highlight the impact of these changes, noting that the Coinbase L2 Network Base previously cost $0.31 per transaction, but has now decreased to a mere $0.0005. This substantial reduction in fees underscores the positive effects of the recent upgrades on transaction affordability and accessibility.
After Dencun Upgrade, the cost of zkSync Era sequencer using Calldata dropped from 0.11 ETH to 0.013 ETH, a decrease of approximately 88%. Coinbase head of development Jesse Pollak tweeted that Coinbase L2 Network Base previously cost $0.31, down to $0.0005.…
— Wu Blockchain (@WuBlockchain) March 14, 2024
Starknet, L2 Network Drops In Price
Furthermore, Starknet, another prominent L2 network, synchronized with the Dencun upgrade, resulting in a remarkable drop in gas fees. According to a screenshot shared by Starknet’s official Twitter account, gas fees on the network plummeted to approximately US$0.01-0.04 per transaction, down from around $2 previously.
According to a screenshot shared by Starknet’s official Twitter account, Starknet has synchronized the Dencun upgrade and the gas fee has dropped to about US$0.01-0.04. Previously, a single gas transaction on Starknet was around $2, a decrease of 99%. https://t.co/jGMHwPSDeu pic.twitter.com/7kDFyBE4RB
— Wu Blockchain (@WuBlockchain) March 13, 2024
This represents a staggering decrease of 99%, signaling a significant improvement in cost efficiency for users interacting with the Starknet platform.
Overall, the decrease in Layer 2 transaction fees following the Dencun upgrade and EIP-4844 deployment reflects a positive development for the Ethereum ecosystem, paving the way for enhanced scalability and affordability in blockchain transactions.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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