Will Ethereum’s Dencun upgrade lower ETH fees?
The Dencun upgrade on Ethereum will greatly affect transaction fees, especially for layer-2 networks.
Contents:
The Dencun upgrade on Ethereum is another step on the road to ETH 2.0 and is expected to have a significant impact on transaction fees, particularly for layer-2 networks. The upgrade aims to reduce transaction fees by introducing proto-danksharding, which allows for more efficient data storage through the use of blobs. This change benefits layer 2 networks like Arbitrum, Optimism, and Polygon, which can now post data to Ethereum more cost-effectively. As a result, transaction fees on layer-2 networks have already seen a substantial decrease, with fees falling by a factor of 10 in some instances.
The reduction in transaction fees following the Dencun upgrade is evident in the increased transaction volume on layer 2 networks like Arbitrum and Optimism. The data shows significant increases in transaction volume on these networks, indicating a positive response to the upgrade.
What is the current average transaction fee on Ethereum?
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